Calculate the income tax of a person whose salary is Rs. 6000 per month. The income tax is 5% and rebate is Rs. 50000?
Answer: Rs. 1100
Explanation
Annual salary = Rs. 6000 × 12 = Rs. 72,000
Taxable income after rebate = Rs. 72,000 - Rs. 50,000 = Rs. 22,000
Income tax = 5% of Rs. 22,000 = Rs. 1100
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