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You may know that income tax calculations in most parts of the world is based on slab model. Let's take a simple case of a
You may know that income tax calculations in most parts of the world is based on slab model. Let's take a simple case of a two slab model with trandingre from base slab to top slab defined by slab amount S Let the base tax for gross income amount G equal to S be defined as BT If income exceed then the total tax would be
where
I income tax percentage rate for income amount exceeding slab amount S
eri us say hypothetically, a new scheme has been introduced to give a tax rebate as follows:
Then, the final tax,
Qle leer income would be
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