a very generic query on tax for annual income group more than 5 lakhs ... as follows:
the total tax for this group would be =>
tax calculated based on slab upto 5 lakh (i.e. 47500/- as per above table) 30% of the amount exceeding 5 lakhs
e.g. if a person has a gross annual income of 6,00,000/- per anum then his annual income tax will be => 47500/- (upto 5Lakhs) 30000 (i.e. 30% on the remaining 1,00,000).
