How tax liability is 15600? (Illustration 10 SM) Plz explain

Riya · 23 Nov 2024

Thanks

Diya · 23 Nov 2024

If your attempt in may 2025 Under default regime marginal rebate is also available and there is no tax upto 7 lakh here, 715000 = tax liability is 300000 nil 400000×5%=20000 15000×10%=1500 Total tax liability is 21500 Increase in income 15000 = 6500 Tax liability 21500-6500 = 15000 + 4%HEC

Aditya · 23 Nov 2024

In simplified terms like First you calculate tax on 7,15,000 It will come 26500 ( first 300000@5% and the rest 115000@10%) Then less Rebate Tax- income beyond 7 lakh 26500-15000 it'll come 15000 then add 4% h&ec 600 Then total tax payable= 15600

Omprakash · 23 Nov 2024

In default tax regime there is a new provision for rebate for resident individual. If income does not exceed 700000 then it is available 1) Actual tax payable or 2) Rs.25,000 w.e. lower For income above 7,00,000 Step-1= minus 7,00,000 from total income Step-2= calculate tax liability form total income Step-3= if s-2>s-1, the rebate will be s2- s-1 I'll.10 Step-1= 15,000 Step -2= 26,500. (Tax on 300000×5%=15000 tax on next 115000×10%=11500 total=26500) Step-3= s2-s1 =26,500-15,000=11,500 Now Total tax -rebate 26,500-11,500=15,000+4%=15,600

Riya · 23 Nov 2024

It is question of module 1 income tax

Riya · 23 Nov 2024

Mr. Pawan aged 35 years and a resident in India, has a total income of ` 7,15,000, comprising his salary income and interest on bank fixed deposit. Compute his tax liability for A.Y.2024-25 under default tax regime under section 115BAC.

Ujjwal · 23 Nov 2024

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