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AAFM CWM_LEVEL_2 Exam - Topic 2 Question 26 Discussion

Section C (4 Mark)Read the senario and answer to the question.Saxena wants to know his income tax liability for FY 2007--08 without taking into consideration any interest income from NSC. Calculate the same including surcharge and Educational Cess.
A) Rs. 1,76,130
B) Rs. 1,23,700
C) Rs. 1,77,344
D) Rs. 2,32,680

AAFM CWM_LEVEL_2 Exam - Topic 2 Question 26 Discussion

Actual exam question for AAFM's CWM_LEVEL_2 exam
Question #: 26
Topic #: 2
[All CWM_LEVEL_2 Questions]

Section C (4 Mark)

Read the senario and answer to the question.

Saxena wants to know his income tax liability for FY 2007--08 without taking into consideration any interest income from NSC. Calculate the same including surcharge and Educational Cess.

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Suggested Answer: A

by Whitley at May 06, 2022, 06:20 PM

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Yvonne
9 months ago
Rs. 2,32,680? No way, that sounds off!
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Vonda
9 months ago
Wait, how can it be that high?
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Gary
9 months ago
I agree with Effie, that seems right.
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Leonida
9 months ago
Definitely not, it's Rs. 1,77,344!
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Effie
10 months ago
I think it's Rs. 1,76,130.
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Maurine
10 months ago
Okay, let me think this through. If the tail is to the left, that means the distribution is skewed to the left, which is the same as being negatively skewed. I'll go with option C.
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Matilda
10 months ago
I'm pretty sure the calculation should include the income tax slabs for that year, but I can't remember the exact rates right now.
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