Question

Mr. Vikram is 27 years old and earns ₹7,50,000 per annum. The Education cess that he pays on his Income tax is ₹___.

• A. 1250

Answer 1

The correct option is A 1250
Mr. Vikram is a Citizen whose age is below 60.
According to his tax slabs :
Income tax = ₹12500 + 20% of ₹2,50,000
= ₹12500 + ₹50,000
= ₹62,500
Education cess = 2% of the income tax = $\frac{2}{100}\times 62500$ = ₹1250