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Choose the amount of final tax liability of Mr. Raj for the assessment year 2007-08:
Tax slab for male / HUF(for AY 2007-08)
Rs. 0 to 100000 --- No Income Tax
Rs. 1,00,001 to 1,50,000 --- 10%
Rs. 150001 to 2,50,000 --- 20%
Rs. 2,50,001 and above --- 30%
Note: A surcharge of 10% on income tax amount is payable if total income is exceeding Rs. 10,00,000 and a 2% education cess is payable on the income tax amount and surcharge.
Suggested Answer: B
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17 comments · newest first
LA
Laurel
10 months ago
Wait, there's a surcharge if income exceeds 10 lakhs? That's surprising!
BA
Barrie
10 months ago
I think it's definitely option B, seems right to me!
AN
Annmarie
11 months ago
I'm not so sure about that, could be option D too.
ED
Edison
11 months ago
The education cess is a must to consider in the final amount.
DE
Delisa
11 months ago
Looks like the tax slabs are pretty straightforward.
BE
Bethanie
11 months ago
I’m leaning towards Rs. 16,014, but I’m second-guessing my calculations on the slab rates.
WA
Walton
12 months ago
I think I got the final tax amount down to Rs. 17,100, but I’m not confident about including the education cess correctly.
BE
Bettina
12 months ago
This question seems similar to one we did in class, but I can't recall if the surcharge kicks in for incomes over Rs. 10,00,000.
SU
Susy
12 months ago
I remember we practiced calculating tax liabilities using different slabs, but I’m unsure about how the education cess applies here.
EV
Evangelina
1 year ago
This seems like a tricky one. I'll need to double-check my work to make sure I haven't missed any important details in the question. Taking it step-by-step is the best approach here.
AL
Alexia
1 year ago
Okay, I think I've got this. Based on the income range and tax slab information provided, I'll calculate the tax amount, then add the 10% surcharge and 2% education cess to get the final tax liability.
MA
Malcolm
1 year ago
I'm a bit confused by the different tax slabs and the additional surcharge and cess. I'll need to carefully read through the details to make sure I calculate the final tax liability correctly.
NO
Novella
1 year ago
This looks like a straightforward income tax calculation problem. I'll need to determine which tax slab Mr. Raj's income falls into and then apply the appropriate tax rate, surcharge, and education cess.
LA
Larue
1 year ago
I disagree, I calculated it and I believe the answer is C) Rs.15,700.
FE
Felicitas
1 year ago
I'm going with Option D. The tax calculation looks a bit tricky, but I think the education cess is being applied twice, which is not correct.
TA
Tamie
1 year ago
I think the answer is B) Rs.17,442.
WI
Wilford
1 year ago
Option B seems to be the correct answer. The total income of Rs. 2,00,000 falls in the 20% tax slab, so the tax liability would be Rs. 20,000. After adding the 10% surcharge and 2% education cess, the final tax liability comes out to Rs. 17,442.