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What is the tax rate for income above 10 lakhs for individual taxpayers in the f

Practice Questions

Q1
What is the tax rate for income above 10 lakhs for individual taxpayers in the financial year 2022-23?
  1. 10%
  2. 20%
  3. 30%
  4. 40%

Questions & Step-by-Step Solutions

What is the tax rate for income above 10 lakhs for individual taxpayers in the financial year 2022-23?
  • Step 1: Understand that the question is asking about the tax rate for individual taxpayers.
  • Step 2: Identify the income threshold mentioned, which is 10 lakhs.
  • Step 3: Know that for income above 10 lakhs, the tax rate is specified in the tax laws.
  • Step 4: Recall that for the financial year 2022-23, the tax rate for income above 10 lakhs is 30%.
  • Step 5: Conclude that the answer to the question is 30%.
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