3 Mark Question

Question 13 Marks

Mr. Shah invested Rs. 3,20,000 in a bank at 10% compound interest . He also invested Rs. 2,40,000 in mutual funds. At market rates he got Rs. 3,05,000 after 2 years. How much did he gain ? Which of his investments was more profitable ?

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Question 23 Marks

Use Table I given above and write the appropriate amount/figure in the boxes for the example given below. (Textbook pg. no. 102)
Mr. Mehta’s annual income is ₹4,50,000
i. If he does not have any savings by which he can claim deductions from his income, to which slab does his taxable income belong ? ______
ii, What is the amount on which he will have to pay income tax and at what percent rate? on ₹ _______
percentage _______
iii. On what amount will the cess be levied? _______

Answer

1. ₹2,50,001 to $₹ 5,00,000$
ii. $5 \%$ of $(4,50,000-2,50,000)$
i.e. $5 \%$ of $₹ 2,00,000$
iii. income tax $=5 \%$ of $2,00,000$
$=\frac{5}{100} \times 2,00,000$
$=₹ 10,000$
$\therefore$ Education cess and Secondary and higher education cess will be levied on the income tax i.e., on $₹ 10,000$.

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Question 33 Marks

Sameera spent 90% of her income and donated 3% for socially useful causes. If she was left with ₹ 1750 at the end of the month, what was her actual income ?

Answer

Let the actual income of Sameera be ₹ x.
Sameera spent 90% of her income and donated 3%.
∴ Sameera’s total expenditure
= (3% + 90%) of x
= 93% of x
$=\frac{93}{100} \times x$
$=0.93 x$
Now, Savings $=$ Income - Expenditure
$\therefore 1750= x -0.93 x$
$\therefore 1750=0.07 x$
$x=\frac{1750}{0.07}=\frac{1750 \times 100}{0.07 \times 100}=\frac{175000}{7}=25000$
$\therefore$ The actual income of Sameera is $₹ 25000$.

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Question 43 Marks

Alka spends $90\%$ of the money that she receives every month, and saves ₹ $120.$ How much money does she get monthly?

Answer

Let Alka’s monthly income be ₹ x.
Alka spends 90% of the money that she receives every month.
$\therefore$ Amount spent by Alka $= 90\%$ of $x$
$=\frac{90}{100} \times x=0.9 \times 100$
Now, Savings $=$ Income - Expenditure
$ \therefore 120= x -0.9 x$
$\therefore 120=0.1 x$
$\therefore x=\frac{120}{0.1}=\frac{120 \times 10}{0.1 \times 10}$
$\therefore x =1200 $
Alka gets ₹ $1200$ monthly.

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