Percentage Practice Test 8 with solutions

Question : 8 of 38

Marks: +1, -0

The gross income of a person is Rs. 15000, 20% of his income is exempted from income tax and the rate of income tax is Rs. 4%. The net income is :

Solution:

Gross income = Rs. 15000
Income on which income tax is chargeable = (100 – 20)% = 80% of gross income

=15000×80/100

= Rs. 12000
∴ Income tax paid @ 4%

= 12000× 4/100

= Rs. 480
∴ Net income = 15000 – 480 = Rs. 14520

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