Question

Taxable income of Smt. Rekha (age $45$ years) is Rs. $6,50,000$ for the financial year $2012-13$. Compute the income tax she will have to pay for $2012-13$

Answer 1

As per income tax slab for the financial year $2012-13$.
According to taxation rule, income upto, Rs. $2,00,000$ is non-taxable income.
From Rs. $2,00,000$ to Rs. $5,00,000$ is
charged at $10$ $\%$ $p.a.=\frac{3,00,000\times 10}{100}$
$=$ Rs. $30,000$
Income above Rs. $5,00,000$ to Rs. $10,00,000$ is charged at $20$ $\%$ p.a.
$=\frac{20}{100}\times (6,50,000-5,00,000)$

$=30,000$

Therefore, income tax paid by Smt. Rekha for $2012-13$ is Rs. $30,000+30,000=$ Rs. $60,000$.