Question

Mr Sharma deposited Rs. 20000 at a fixed deposit in a bank at 10% per annum if 30% deducted as income tax on the latest and find its annual income ​

Answer 1

Answer:

1400 ...............

Answer 2

Answer:

Given,

• Principal Amount P = Rs.20000
• Time period T = 1 year
• Rate of Interest R = 10% P.a.

We know that Simple Interest = (P × T × R)/100

on Substituting these values in above equation! we get,

$:\implies\sf{SI = (20000×1×10)/100}$

$:\implies\sf{=Rs.2000}$

Amount deducted as income tax = 30% of 2000 = (30 × 2000)/100

= Rs.600

Annual interest after tax deduction = Rs.2000 - Rs.600 = 1400

hope it helps uh:)