Percentage Practice Test 1 with solutions

Question : 27 of 40

Marks: +1, -0

The gross income of a person is Rs. 16000. A part of his income is exempted from income tax and his net income is Rs. 14480. If the rate of income tax is 8%, the income exempted from income tax is :

1600
1700
1800
1500

Validate

Solution:

Gross income = Rs. 16000
Net income = Rs. 14840
∴ Income tax paid = Rs. 16000 – Rs. 14840 = Rs. 1160
∴ Chargeable income is

= 1160× 100/8

= Rs. 14500
Hence, income exempted from income tax = 16000 – 14500 = Rs. 1500

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