Question
There are two slabs of income tax, 7% tax for income up
to 3 lakh and 12.5% for income above 3 lakh. Nitin tried to evade tax by hiding some of the income, to fall in the 7% tax slab. The amount hid by Nitin is 6/29 of the original taxable income. If Nitin paid Rs. 32,200 as tax, what is the original amount of tax he had to pay?Solution
Tax paid = 32200 (7% of the taxable income) Shown income = (32200 × 100)/7 = 460000 Amount hid = 6/29 of original income. Shown income = 23/29 × original taxable income Original Taxable income = (29/23) × 460000 = 580000 Tax = 12.5% × 580000 = Rs. 72500
Who received the '12th Vishwa Hindi Samman' recently?
Which component is included in the PM-MKSSY to support fishermen?
Who is appointed as the chairman of the Insurance Regulatory and Development Authority of India (IRDAI)?
On 13 January 2022, Indian Bank inked Landmark MoU for Loans upto _____ Crore for Startups under ‘IndSpring Board’ Scheme.
SoftBank’s investment firm SVF Growth Singapore offloaded its remaining 93.57 million shares (1.07 per cent equity) in food delivery major Zomato to...
Which date will be celebrated as National Space Day?
As of August 2024, what percentage of PMJDY accounts are held by women?
RBI has extended the deadline for non-banking financial companies (NBFCs) to comply with new Non-Performing Assets (NPAs) classification norms to Septem...
What is the purpose of constituting a Unit Holder Protection Committee (UHPC) as per the circular issued by SEBI to protect unitholders’ interests ?
Which statutory return RBI prescribes for SLR under section 24 of Banking Regulation Act ?
