Question

If Krish earns ₹24,80,000 per annum, and his age is 32 years, how much income tax (including Education cess and Secondary education secc) does he has to pay?

Answer 1

Tax exemption is till ₹2,50,000
He has to pay tax on ₹22,30,000.

Income tax = 1,12,500 + 30% of ₹12,30,000
= 1,12,500 + $\frac{30}{100}\times 1230000$ = ₹3,69,000
Educational Cess = 2% of Income tax = $\frac{2}{100}\times 3,69,000$ = ₹7,380
Secondary and Higher Education Cess = $\frac{1}{100}\times 3,69,000$ = ₹3,690
Total Tax he has to pay = ₹3,69,000 + ₹7,380 + ₹3,690 = ₹3,80,070