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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