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What is the tax rate applicable for individuals with an income between Rs. 2.5 l

Practice Questions

Q1
What is the tax rate applicable for individuals with an income between Rs. 2.5 lakh to Rs. 5 lakh for the financial year 2022-23?
  1. 5%
  2. 10%
  3. 15%
  4. 20%

Questions & Step-by-Step Solutions

What is the tax rate applicable for individuals with an income between Rs. 2.5 lakh to Rs. 5 lakh for the financial year 2022-23?
  • Step 1: Understand the income range specified in the question, which is between Rs. 2.5 lakh and Rs. 5 lakh.
  • Step 2: Identify the tax rate that applies to this income range according to the tax rules for the financial year 2022-23.
  • Step 3: Confirm that the tax rate for individuals earning between Rs. 2.5 lakh and Rs. 5 lakh is 5%.
  • Step 4: Conclude that the answer to the question is 5%.
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