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Question 90

If the income tax is reduced from 15% to 12.5% then the tax benefit (in rupees) for a person whose taxable income is Rs. 98,000/- is

Solution

Tax benefit% = 15 - 12.5 = 2.5%

Taxable income = Rs. 98,000

Tax benefit = 2.5% of 98000 = $$\frac{2.5}{100}\times98000$$ = Rs. 2450

Hence his tax benefit will be 2450 rupees

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