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Question
Compute the income tax payable by following individual.
Mr. Khan is 65 years of age and his taxable income is Rs. 4,50,000.
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Solution
Taxable income = Rs. 4,50,000
Income tax = 5% (Rs. 4,50,000 - Rs. 3,00,000)
= `5/100 xx 150,000`
= Rs. 7500
Education cess = 2% of income tax
= `2/100 xx 7500` = Rs. 150
Secondary and Higher Education cess = 1% of income tax
= `1/100 xx 7500` = 75
Total income tax = Income tax + Education cess + Secondary and higher education cess
= 7500 + 150 + 75 = Rs. 7725
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