ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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earned income
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personal assets
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net worth
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taxable income
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Detailed explanation-1: -It is mandatory to file ITR for individuals If the gross total income is over Rs.3, 00, 000 in a financial year. This limit exceeds Rs.3, 00, 000 for senior citizens and Rs.5, 00, 000 for super senior citizens. The entities listed below are required to pay tax and file their income tax returns.
Detailed explanation-2: -Income between ₹5 and ₹7.5 lakh, reduced to 10% tax from 20% Income between ₹7.5 lakh to ₹10 lakh, reduced to 15% from the current 20% Income between ₹10 lakh to ₹12.5 lakh, reduced to 20% from the current 30% Income between ₹12.5 lakh to ₹15 lakhs, reduced to 25% from the current 30%
Detailed explanation-3: -Generally, tax is calculated by multiplying the applicable tax rate with the taxable income. Though it seems simple, it consists of several steps, including calculating gross salary, calculating deductions and exemptions, calculating tax payable, deducting tax already paid, etc.