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What is the tax rate for income above Rs. 10,00,000 for individual taxpayers in

Practice Questions

Q1
What is the tax rate for income above Rs. 10,00,000 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 Rs. 10,00,000 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 Rs. 10,00,000.
  • Step 3: Know that for income above Rs. 10,00,000, there is a specific tax rate.
  • Step 4: Recall that the tax rate for income above Rs. 10,00,000 for individual taxpayers is 30%.
  • Step 5: Conclude that if an individual earns more than Rs. 10,00,000, they will pay 30% tax on the amount above this threshold.
No concepts available.
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