NCHMCT JEE 2015 Question Paper with solutions for online practice
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Directions (Qs. 23 to 25):
Answer the questions based on the information given. The rate of taxation has the following slabs in India.
For salaried employees having salaries below ₹ 1,50,000 p.a., a standard deduction of ₹ 30,000 is available, which is reduced from the total income. Besides, a rebate is available on investments in various saving schemes like Provident Fund, Infrastructure Bonds, Post Office Savings, etc. The rebate is calculated at 20% of the total investment in these savings instruments. Thus, if a person has invested ₹ 10,000 in some saving instruments, he gets (2,000 rebate on his net tax liability.
However, if the salary increases above ₹ 1,50,000 p.a., the standard deduction is reduced to ` 25,000 and the rebate on investments is calculated at the rate of 15% of the total investment. Thus, a person saving ₹ 20,000 will get a rebate of ₹ 3,000 on his liability. Besides, a tax surcharge of 10% is added on the total tax liability for all tax payers. Also, working women have a further rebate of ₹ 5,000 available to them on their total tax liability.
Answer the questions based on the information given. The rate of taxation has the following slabs in India.
| Taxable Income (₹) | Tax Rate |
|---|---|
| 0–50,000 | Exempt |
| 50,000 – 60,000 | 10% |
| 60,000 – 1,50,000 | 20% |
| 1,50,000 + | 30% |
For salaried employees having salaries below ₹ 1,50,000 p.a., a standard deduction of ₹ 30,000 is available, which is reduced from the total income. Besides, a rebate is available on investments in various saving schemes like Provident Fund, Infrastructure Bonds, Post Office Savings, etc. The rebate is calculated at 20% of the total investment in these savings instruments. Thus, if a person has invested ₹ 10,000 in some saving instruments, he gets (2,000 rebate on his net tax liability.
However, if the salary increases above ₹ 1,50,000 p.a., the standard deduction is reduced to ` 25,000 and the rebate on investments is calculated at the rate of 15% of the total investment. Thus, a person saving ₹ 20,000 will get a rebate of ₹ 3,000 on his liability. Besides, a tax surcharge of 10% is added on the total tax liability for all tax payers. Also, working women have a further rebate of ₹ 5,000 available to them on their total tax liability.
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