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income tax calculator
In a country called Codington Income tax is calculated in the following way
Typical sources of income of person are his/her Salary and Capital Gains, if any. For the sake of this problem we will assume that these two are the only sources of income for a person.
In case of Capital Gains, the tax liability is 15% of the Capital Gain.
To reduce, tax liability, people invest in various instruments such as PF, PPF etc. These investments are tax-free upto a certain extent. This is called Standard Deduction.
For purpose of this problem we will consider 3 classes of investments. Each class has one or more instruments.
1.chapter-6 or 80C(PF, PPF, Insurance, Tax saving Fixed Deposit, ELSS) eligible for 100000 exemption
2.80D eligible for 15000 exemption
3.80G(Charity) - Exemption is available upto 50% of the charity amount.
The rules for income tax calculation are also age and gender dependent.
Age<60
Male :
0% tax if salary < 2 lakh, where 1 Lakh = 100K
10% tax if 5 lakh > salary > 2 lakh
20% tax if 10 lakh > salary > 5 lakh
30% tax if salary > 10 lakh
Female :
0% tax if salary < 2.2 lakh
10% tax if 5 lakh > salary > 2.2 lakh
20% tax if 10 lakh > salary > 5 lakh
30% tax if salary > 10 lakh
80 > Age > 60
Male and Female:
0% tax if salary < 2.5 lakh
10% tax if 5 lakh > salary > 2.5 lakh
20% tax if 10 lakh > salary > 5 lakh
30% tax if salary > 10 lakh
Age > 80
Male and Female:
0% tax if salary < 5 lakh
20% tax if 10 lakh > salary > 5 lakh
30% tax if salary > 10 lakh
write a program to calculate Income tax of an individual.
Typical sources of income of person are his/her Salary and Capital Gains, if any. For the sake of this problem we will assume that these two are the only sources of income for a person.
In case of Capital Gains, the tax liability is 15% of the Capital Gain.
To reduce, tax liability, people invest in various instruments such as PF, PPF etc. These investments are tax-free upto a certain extent. This is called Standard Deduction.
For purpose of this problem we will consider 3 classes of investments. Each class has one or more instruments.
1.chapter-6 or 80C(PF, PPF, Insurance, Tax saving Fixed Deposit, ELSS) eligible for 100000 exemption
2.80D eligible for 15000 exemption
3.80G(Charity) - Exemption is available upto 50% of the charity amount.
The rules for income tax calculation are also age and gender dependent.
Age<60
Male :
0% tax if salary < 2 lakh, where 1 Lakh = 100K
10% tax if 5 lakh > salary > 2 lakh
20% tax if 10 lakh > salary > 5 lakh
30% tax if salary > 10 lakh
Female :
0% tax if salary < 2.2 lakh
10% tax if 5 lakh > salary > 2.2 lakh
20% tax if 10 lakh > salary > 5 lakh
30% tax if salary > 10 lakh
80 > Age > 60
Male and Female:
0% tax if salary < 2.5 lakh
10% tax if 5 lakh > salary > 2.5 lakh
20% tax if 10 lakh > salary > 5 lakh
30% tax if salary > 10 lakh
Age > 80
Male and Female:
0% tax if salary < 5 lakh
20% tax if 10 lakh > salary > 5 lakh
30% tax if salary > 10 lakh
write a program to calculate Income tax of an individual.
Did you just copy a homework question and ask us to make a program for you? For all we know you may not have even attempted to try and code this up yourself. We're not your slaves.
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