Question

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

Answer 1

Answer:

To Find :

Nothing mention in question

Therefore 5 percent is Her annual income tax at the rate of 5% and 10 Monthly income of Sana is Rs 50000 and rebate in tax is Rs. 400000.

Answer 2

Given:

Monthly income of Sana= Rs.50,000

Rebate in tax =Rs.4,00,000

Tax rate=5%

To find:

The annual income tax

Solution:

The annual income tax is Rs. 10,000.

We can find the tax by following the given steps-

We know that the amount of tax will be calculated on the income after the rebate.

It is given that the monthly income of Sana= Rs.50,000

So, the annual income of Sana will be 12×50,000

The annual income of sana=Rs.6,00,000

Now, the amount of rebate is to be deducted from this amount to calculate tax.

So, taxable income=Annual income- rebate

=6,00,000-4,00,000

=Rs.2,00,000

We know that the rate of tax is 5%.

So, the amount of annual income tax=5% of 2,00,000.

Annual income tax=5/100×2,00,000

=5×2,000

=Rs.10,000

Therefore, the annual income tax is Rs. 10,000.