Write a program to calculate the income tax as follows Use the below data to calculate the Income_Tax if(Tax_Income <= 0) # Output : hurray..no income tax Otherwise calculate the Income_Tax as follows if (Gross_Income <= 500000): Income_Tax = (Tax_Income * .1) if (Gross_Income <= 1000000) and (Gross_Income > 500000): Income_Tax = 25000 + ((Gross_Income - 500000)*.2) if (Gross_Income > 1000000): Income_Tax = 75000 + ((Gross_Income - 1000000) *.3) Fill the missing code in the given program to the find income tax. Ded_std, Ded_tot and Tax_Income are already defined the code Sample Input and Output 1: deduction under 80c: 50000 deduction under 80cc: 5000 deduction under HRA: 15000 deduction under Medical: 10000 gross income: 250000 gross income: 250000 total deductions: 230000 income tax: 2000.0 Sample Input and Output 2: deduction under 80c: 5000 deduction under 80cc: 2000 deduction under HRA: 1500 deduction under Medical: 500 gross income: 20000 hurray..no income tax give the programming in python
Question
Write a program to calculate the income tax as follows
Use the below data to calculate the Income_Tax if(Tax_Income <= 0) # Output : hurray..no income tax Otherwise calculate the Income_Tax as follows if (Gross_Income <= 500000): Income_Tax = (Tax_Income * .1) if (Gross_Income <= 1000000) and (Gross_Income > 500000): Income_Tax = 25000 + ((Gross_Income - 500000)*.2) if (Gross_Income > 1000000): Income_Tax = 75000 + ((Gross_Income - 1000000) *.3)
Fill the missing code in the given program to the find income tax. Ded_std, Ded_tot and Tax_Income are already defined the code
Sample Input and Output 1: deduction under 80c: 50000 deduction under 80cc: 5000 deduction under HRA: 15000 deduction under Medical: 10000 gross income: 250000 gross income: 250000 total deductions: 230000 income tax: 2000.0 Sample Input and Output 2: deduction under 80c: 5000 deduction under 80cc: 2000 deduction under HRA: 1500 deduction under Medical: 500 gross income: 20000 hurray..no income tax give the programming in python
Solution
Here is the Python code to calculate the income tax based on the given conditions:
# Input deductions
ded_80c = int(input("deduction under 80c: "))
ded_80cc = int(input("deduction under 80cc: "))
ded_HRA = int(input("deduction under HRA: "))
ded_Medical = int(input("deduction under Medical: "))
# Calculate total deductions
Ded_tot = ded_80c + ded_80cc + ded_HRA + ded_Medical
# Input gross income
Gross_Income = int(input("gross income: "))
# Calculate taxable income
Tax_Income = Gross_Income - Ded_tot
# Calculate income tax
if Tax_Income <= 0:
print("hurray..no income tax")
else:
if Gross_Income <= 500000:
Income_Tax = (Tax_Income * .1)
elif Gross_Income <= 1000000:
Income_Tax = 25000 + ((Gross_Income - 500000)*.2)
else:
Income_Tax = 75000 + ((Gross_Income - 1000000) *.3)
print("income tax:", Income_Tax)
This program first takes the deductions and gross income as input from the user. It then calculates the total deductions and the taxable income. Based on the taxable income, it calculates the income tax according to the given conditions and prints the result.
Similar Questions
Write a program to calculate the income tax as follows Use the below data to calculate the Income_Tax if(Tax_Income <= 0) # Output : hurray..no income tax Otherwise calculate the Income_Tax as follows if (Gross_Income <= 500000): Income_Tax = (Tax_Income * .1) if (Gross_Income <= 1000000) and (Gross_Income > 500000): Income_Tax = 25000 + ((Gross_Income - 500000)*.2) if (Gross_Income > 1000000): Income_Tax = 75000 + ((Gross_Income - 1000000) *.3) Fill the missing code in the given program to the find income tax. Ded_std, Ded_tot and Tax_Income are already defined the code Sample Input and Output 1: deduction under 80c: 50000 deduction under 80cc: 5000 deduction under HRA: 15000 deduction under Medical: 10000 gross income: 250000 gross income: 250000 total deductions: 230000 income tax: 2000.0 Sample Input and Output 2: deduction under 80c: 5000 deduction under 80cc: 2000 deduction under HRA: 1500 deduction under Medical: 500 gross income: 20000 hurray..no income tax give the programming in python
You are tasked with creating a Python program to automate income tax calculations based on an employee's annual income. The program should prompt users to input their income details, consider various tax slabs, and calculate the final income tax. Additionally, implement a feature to display a detailed breakdown of the tax calculation, including applicable deductions and exemptions. Design a program that provides an accurate and user-friendly income tax computation.Predefined tax slabs and rate if annual income is :upto 50000, rate = 0.05from 50001 to 100000, rate = 0.1from 100001 to 150000, rate = 0.15from 150001 to 200000, rate = 0.2above 200001, rate 0.25Input Format:In first line, get the name of the employee in string through keyboardIn the second line, get the annual income in float in string through keyboardOutput Format:Display the given details in separate lines."Name:", name of the employee"Annual Income:", annual income"Income Tax:", Calculated income tax based on tax slabSample Input:John60000Sample output:Name: JohnAnnual Income: 60000.0Income Tax: 3500.0
Step 3 (3 pts). Calculate tax amount based on exemption and taxable income (see tables below). Tax amount should be stored as a double and rounded to the nearest whole number using round(). Submit for grading to confirm eight tests pass.Ex: If the input is:20000 23 500 1 400Ex: The additional output is:AGI: $20523Deduction: $12000Taxable income: $8523Federal tax: $852Income Tax for Single Filers$0 - $10000 10% of the income$10001 - $40000 $1000 + 12% of the amount over $10000$40001 - $85000 $4600 + 22% of the amount over $40000over $85000 $14500 + 24% of the amount over $85000Income Tax for Married Filers$0 - $20000 10% of the income$20001 - $80000 $2000 + 12% of the amount over $20000over $80000 $9200 + 22% of the amount over $80000
Fill in the Blank QuestionFill in the blank question.You calculate taxable income by reducing gross income by adjustments, exemptions, and standard or deductions.
Write a program to accept the cost price of a bike qnd display the road tax to be paid according to the following criteria:Cost price(in Rs) Tax>100000 15%>50000 and <=100000 10%<=50000 5%
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