Homework Answers
The criteria for an individual will differ from country to country. In a country like India, the criteria for an individual is
there are 4 types of income earners are there
- Earners up to 2.5 Lakhs
- Earners between 2.5 to 5 Lakhs
- Earners Between 5 to 10 Lakhs
- Earners above 10 Lakhs
Income Range Tax Rate Tax to be Paid
| Up to Rs.2,50,000 | 0 | No tax |
| Between Rs 2.5 lakhs and Rs 5 lakhs | 5% | 5% of your taxable income |
| Between Rs 5 lakhs and Rs 10 lakhs | 20% | Rs 12,500+ 20% of income above Rs 5 lakhs |
| Above 10 lakhs | 30% | Rs 1,12,500+ 30% of income above Rs 10 lakhs |
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