MANAGEMENT

Detailed explanation-1: -If you make ₹ 40, 000 a year living in India, you will be taxed ₹ 4, 800. That means that your net pay will be ₹ 35, 200 per year, or ₹ 2, 933 per month. Your average tax rate is 12.0% and your marginal tax rate is 12.0%.

Detailed explanation-2: -Budget 2023 announced that individuals will not have to pay any tax if the taxable income does not exceed Rs 7 lakh in a financial year.

Detailed explanation-3: -The steps below explain the process to calculate the interest due under IRC 453A on a deferred tax liability. The interest on the deferred tax liability is computed by multiplying the deferred tax liability by the applicable percentage and by the underpayment rate.