BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Your tax bracket says something about how much income you have.
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true
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false
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Income tax exemption limit is up to Rs 2, 50, 000 for Individuals, HUF below 60 years aged and NRIs. An additional 4% Health & education cess will be applicable on the tax amount calculated as above. Surcharge: 10% of income tax, where total income exceeds Rs.
Detailed explanation-2: -Tax brackets show you the tax rate you will pay on each portion of your taxable income. For example, if you are single, the lowest tax rate of 10% is applied to the first $10, 275 of your taxable income in 2022. The next chunk of your income is then taxed at 12%, and so on, up to the top of your taxable income.
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