The taxable income is Rs. 550,000 after deducting the total exemption and total deduction.
What is the income tax rate?
It is defined as the tax rate applied on the solely earned money by a single entity.
We have:
The annual income of a sole proprietor of a grocery shop is Rs 10,00,000.
We know,
Taxable income = gross total income - total exemption - total deduction
We are assuming the tax is exempted up to Rs 4,50,000
Taxable income = 1000000 - 450000 - 0
Taxable income = Rs. 550,000
Thus, the taxable income is Rs. 550,000 after deducting the total exemption and total deduction.
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