UP TGT Mathematics commercial mathematics Test Series - Part 1
Compute the total income tax payable by a senior citizen (aged 65 years) having a taxable income of Rs. 1,000,000 under...
Type: MCQ • Marks: 1
Compute the total income tax payable by a senior citizen (aged 65 years) having a taxable income of Rs. 1,000,000 under old tax regime. Slabs: Up to 3 lakh Nil, 3-5 lakh 5%, 5-10 lakh 20%. Add 4% cess.
Options
A. 1) Rs. 1,18,000
B. 2) Rs. 1,22,400
C. 3) Rs. 1,14,400
D. 4) Rs. 1,10,000
Explanation
Tax up to 3 L = Nil.
3 L to 5 L = 5% of 2 L = Rs. 10,000.
5 L to 10 L = 20% of 5 L = Rs. 100,000.
Basic Tax = 10,000 + 100,000 = Rs. 1,10,000.
With 4% Cess = 1,10,000 * 1.04 = Rs. 1,14,400.
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