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What is the tax rate applicable to income above Rs. 10 lakh for individual taxpa

Practice Questions

Q1
What is the tax rate applicable to income above Rs. 10 lakh for individual taxpayers in India?
  1. 10%
  2. 20%
  3. 30%
  4. 40%

Questions & Step-by-Step Solutions

What is the tax rate applicable to income above Rs. 10 lakh for individual taxpayers in India?
  • Step 1: Understand that the question is about income tax rates in India.
  • Step 2: Identify the income threshold mentioned, which is Rs. 10 lakh.
  • Step 3: Know that for individual taxpayers, income above Rs. 10 lakh is taxed at a specific rate.
  • Step 4: Find out the tax rate for income above Rs. 10 lakh, which is 30%.
  • Step 5: Conclude that the tax rate applicable to income above Rs. 10 lakh for individual taxpayers in India is 30%.
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