Question

the monthly income of civil servant is rs 50000. 10% of his yearly income was deposited to employee provident fund which is tax free.if 1% social security tax is allowed for the income of rs 45000 and 10% tax is levied on the income above rs450000. how much money yearly income tax he pays?​

Answer 1

Answer: Employee Provident Fund Organization (EPFO), one of the largest social security organisations in the world, is in charge of managing the welfare programme known as Employee Provident Fund (EPF). Employees should be informed of the tax regulations regarding investments, accruals, and EPF withdrawals.

Explanation: