Question

Monthly income of sana is 50000 rupee and rebate in tax is 400000 rupee . Her annual income tax at the rate of 5% is

Answer 1

SOLUTION

GIVEN

Monthly income of sana is 50000 rupee and rebate in tax is 400000 rupee .

TO DETERMINE

Her annual income tax at the rate of 5%

EVALUATION

Here it is given that

Monthly income of sana is Rs. 50000

Yearly income

= Rs ( 12 × 50000 )

= Rs 600000

Now rebate in tax is Rs 400000

So taxable income

= Rs 600000 - Rs 400000

= Rs 200000

Now income tax rate is 5%

So annual income tax at the rate of 5%

$\displaystyle\sf{ = Rs \: \: 200000 \times \frac{5}{100} }$

$\displaystyle\sf{ = Rs \: \: 200000 \times \frac{1}{20} }$

$\displaystyle\sf{ = Rs \: \: 10000 }$

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