How do I calculate the taxable amount if I only know the tax paid and the tax rate?
Calculating the taxable amount when you know the tax paid and the tax rate is pretty simple! You just need to divide the tax amount by the tax rate.
For example, if the tax amount is ₹14,950 and the tax rate is 18%, the formula to find the taxable amount is:
Plugging in the numbers:
So, the taxable amount would be approximately ₹83,055.56. Easy peasy!
Got more tax math questions? Drop them in the comments!