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What is the tax rate applicable to a resident individual with a taxable income o

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Question: What is the tax rate applicable to a resident individual with a taxable income of Rs. 12,00,000 for the financial year 2022-23 under the old tax regime?

Options:

  1. 10%
  2. 20%
  3. 30%
  4. 25%

Correct Answer: 30%

Solution: 

The tax rate applicable for income above Rs. 10,00,000 is 30% under the old tax regime.

What is the tax rate applicable to a resident individual with a taxable income o

Practice Questions

Q1
What is the tax rate applicable to a resident individual with a taxable income of Rs. 12,00,000 for the financial year 2022-23 under the old tax regime?
  1. 10%
  2. 20%
  3. 30%
  4. 25%

Questions & Step-by-Step Solutions

What is the tax rate applicable to a resident individual with a taxable income of Rs. 12,00,000 for the financial year 2022-23 under the old tax regime?
  • Step 1: Identify the taxable income of the individual, which is Rs. 12,00,000.
  • Step 2: Understand that the old tax regime has different tax slabs.
  • Step 3: Check the tax slab for income above Rs. 10,00,000, which is 30%.
  • Step 4: Since Rs. 12,00,000 is above Rs. 10,00,000, the applicable tax rate is 30%.
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