AAFM Exam CTEP Topic 3 Question 65 Discussion

Choose the amount of final tax liability of Mr. Raj for the assessment year 2007-08:

Tax slab for male / HUF(for AY 2007-08)

Rs. 0 to 100000 --- No Income Tax

Rs. 1,00,001 to 1,50,000 --- 10%

Rs. 150001 to 2,50,000 --- 20%

Rs. 2,50,001 and above --- 30%

Note: A surcharge of 10% on income tax amount is payable if total income is exceeding Rs. 10,00,000 and a 2% education cess is payable on the income tax amount and surcharge.