need bifurcation of 7lacs according to slab rate given below
till 250000 nil
250000-500000=5%
500000-1000000=20%
above 1000000= 30%
up-to 250000 nil
from 250001-500000 (as 7lac is more than 5L) I. e 250000*5%=12500
(bal)200000*20%=40000
so total tax is 52500
CAclubindia
