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If a taxpayer's total taxable income is ₹10,00,000, what is the income tax liabi

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Question: If a taxpayer\'s total taxable income is ₹10,00,000, what is the income tax liability for an individual below 60 years under the old tax regime?

Options:

  1. ₹1,00,000
  2. ₹1,50,000
  3. ₹1,20,000
  4. ₹1,80,000

Correct Answer: ₹1,50,000

Solution: 

Under the old tax regime, the income tax liability for ₹10,00,000 is ₹1,50,000 after applying the applicable slabs.

If a taxpayer's total taxable income is ₹10,00,000, what is the income tax liabi

Practice Questions

Q1
If a taxpayer's total taxable income is ₹10,00,000, what is the income tax liability for an individual below 60 years under the old tax regime?
  1. ₹1,00,000
  2. ₹1,50,000
  3. ₹1,20,000
  4. ₹1,80,000

Questions & Step-by-Step Solutions

If a taxpayer's total taxable income is ₹10,00,000, what is the income tax liability for an individual below 60 years under the old tax regime?
  • Step 1: Understand that the old tax regime has different income tax slabs for individuals below 60 years.
  • Step 2: Identify the income tax slabs applicable under the old tax regime. For ₹10,00,000, the slabs are: 0-2,50,000: 0%, 2,50,001-5,00,000: 5%, 5,00,001-10,00,000: 20%.
  • Step 3: Calculate the tax for each slab: For the first ₹2,50,000, tax is ₹0. For the next ₹2,50,000 (from ₹2,50,001 to ₹5,00,000), tax is ₹2,50,000 * 5% = ₹12,500. For the remaining ₹5,00,000 (from ₹5,00,001 to ₹10,00,000), tax is ₹5,00,000 * 20% = ₹1,00,000.
  • Step 4: Add the tax amounts from each slab: ₹0 + ₹12,500 + ₹1,00,000 = ₹1,12,500.
  • Step 5: The total income tax liability for a taxable income of ₹10,00,000 under the old tax regime is ₹1,12,500.
  • Income Tax Slabs – Understanding the different income tax slabs applicable under the old tax regime for individuals.
  • Tax Calculation – Calculating the total tax liability based on the taxable income and applicable deductions.
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