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X is an individual of 55 years of age having gross total income Rs. 3,50,000. What is the tax liability for assessment year 2018-19?

X is an individual of 55 years of age having gross total income Rs. 3,50,000. What is the tax liability for assessment year 2018-19? Correct Answer Rs. 2,580

 

Explanation:

Tax liability for an individual less than age of 60 years having Gross Total Income    3,50,000
5% of the amount by which the total income exceeds Rs. 2,50,000 (i.e., (350000 - 250000) x 5%) 5000
(-)Rebate under section 87A (lower of tax payable or Rs. 2,500)    2500
  2500
(+) Cess @ 3%            75
Tax Liability       2575

Therefore, if  X is an individual of 55 years of age having gross total income Rs. 3,50,000 then the tax liability for the assessment year 2018-19 will be Rs. 2,575.

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