BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Vickie makes £40, 000 annually. If she pays 20% in income tax, what is the amount of income tax she will pay?
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8000
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80000
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2000
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1200
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Explanation:
Detailed explanation-1: -People can claim certain deductions if they invest in the instruments listed in Sections 80C, 80CCC, and 80CCD. PPF Accounts, Pension Plans, Life Insurance Policies, NSC (National Savings Certificates), 5 Year Tax Saving Fixed Deposits, and so on are some of the common instruments that individuals invest in.
Detailed explanation-2: -How to calculate the income tax? *Entertainment allowance exemption not available in case of non-government employee. As his taxable income is Rs. 3, 27, 500 he falls in the slab of 2.5 lakhs – 5 lakhs of income tax as per the old tax regime. Thus he has to pay 10 5% of his net income as income tax + 4% cess.
There is 1 question to complete.