ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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35%
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2%
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15%
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20%
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Detailed explanation-1: -Salaried employees and pensioners can claim a standard deduction of Rs 50, 000 under the new income tax regime. If you earn up to Rs 7.5 lakh, you do not have to pay any income tax under the new income tax regime.
Detailed explanation-2: -Section 87A provides a tax rebate to individual taxpayers if their total income is less than Rs 5 lakh after claiming deductions. Hence, firstly determine taxable income after deductions to check the eligibility of the rebate. Calculate your gross total income and reduce deductions under Section 80C to 80U.
Detailed explanation-3: -NOTE: Income tax exemption limit is up to Rs. 3, 00, 000 for senior citizen aged above 60 years but less than 80 years. 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore. 15% of income tax, where the total income exceeds Rs.1 crore.
Detailed explanation-4: -The first $10, 275 is taxed at 10%: $1, 027.50. The next $31, 500 (41, 775-10, 275) is taxed at 12%: $3, 780. The last $33, 225 (75, 000-41, 775) is taxed at 22% $7, 309.50. More items •02-Mar-2023