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Question: Mr. Limbu is an unmarried secondary level Science teacher. His monthly salary is Rs 39,990 with allowance of Rs 2,000. He gets a festival expense which is equivalent to his basic salary of one month and 10% of his salary excluding allowance and festival expense is deducted as provident fund. If 1% social security tax is levied upon the income of Rs 4,00,000, 10% and 20% taxes are levied on the next incomes of Rs 1,00,000 and up to Rs 2,00,000 respectively, how much income tax should he pay in a year?​

Respuesta :

The income tax that will be paid per year will be Rs 60776.

How to illustrate the tax?

From the information given, Limbu earns 39,990 with allowance of Rs 2,000. Therefore, the yearly earnings will be:

= (39990 + 2000) × 12

= 503880

The amount paid as tax will be:

= (10% × 400000) + [(20% × (503880 - 400000)]

= 40000 + 20776

= 60776

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