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Percentage Practice Test 8 with solutions
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© examsnet.com
Question : 8
Total: 38
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 :
14520
14620
15520
15620
Validate
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
© examsnet.com
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