BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$40
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$2, 220
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$440
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$4, 000
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Detailed explanation-1: -Donations-Section 80G of the Income Tax Act also allows you to avail tax saving on 20L income for making donations to charities, NGOs and government-backed relief funds. The amounts donated to such organizations are entirely exempted from tax. Others-Section 80TTA allows you to avail deduction up to Rs.
Detailed explanation-2: -For instance, if you sell goods or services for Rs 1000, then the net price will be Rs 1000 + 18% of 1000 (GST) = 1000 + 180 = Rs 1180. How to compute taxable GST? To find out the GST that is incorporated in a company’s receipts from items that are taxable, you need to divide the receipts by 1+ the applicable tax rate.
Detailed explanation-3: -If you make ₹ 2, 000, 000 a year living in India, you will be taxed ₹ 669, 000. That means that your net pay will be ₹ 1, 331, 000 per year, or ₹ 110, 917 per month. Your average tax rate is 33.5% and your marginal tax rate is 43.2%.