UP TGT Mathematics commercial mathematics Test Series - Part 1
Calculate the net tax liability for a salaried individual earning Rs. 1,200,000 per year with 80C deductions of Rs. 150,...
Type: MCQ • Marks: 1
Calculate the net tax liability for a salaried individual earning Rs. 1,200,000 per year with 80C deductions of Rs. 150,000. Tax slabs: Up to 2.5 L Nil, 2.5-5 L 5%, 5-10 L 20%, Above 10 L 30%. Add 4% cess.
Options
A. 1) Rs. 1,30,000
B. 2) Rs. 1,27,400
C. 3) Rs. 1,35,000
D. 4) Rs. 1,32,600
Explanation
Taxable Income = 12 L - 1.5 L = 10.5 L.
Tax: (0-2.5L=0) + (2.5-5L=12500) + (5-10L=100000) + (10-10.5L = 30% of 50k = 15000) = Rs. 1,27,500.
With 4% Cess = 127500 * 1.04 = Rs. 1,32,600.
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