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#### Page No 98:

#### Question 1:

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

#### Answer:

Let her monthly income be Rs *x. *

Savings = Rs 120

Expenditure = $90\%\mathrm{of}x=\frac{90}{100}x=\frac{9x}{10}$

Savings = Total monthly salary $-$ Expenditure = $x-\frac{9x}{10}=\frac{x}{10}$ = 120

$x=10\times 120=1200$

Thus, total monthly salary = Rs 1200

#### Page No 98:

#### Question 2:

Sumit borrowed a capital of Rs. 50,000 to start his food products business. In the first year he suffered a loss of 20%. He invested the remaining capital in a new sweets business and made a profit of 5%. How much was his profit or loss computed on his original capital ?

#### Answer:

Sum borrowed = Rs 50,000

Loss = 20% of Rs 50, 000 = $\frac{20}{100}\times 50,000=10,000$

Remaining sum = Rs 50,000 $-$ Rs 10,000 = Rs 40,000

Profit = 5% of Rs 40,000 = $\frac{5}{100}\times 40,000=\mathrm{Rs}2000$

Capital after profit = Rs 40,000 + Rs 2000 = Rs 42,000

Overall Loss = $\mathrm{Rs}50,000-\mathrm{Rs}42,000=\mathrm{Rs}8000$

Loss% = $\frac{8000}{50000}\times 100=16\%$

#### Page No 98:

#### Question 3:

Nikhil spent 5% of his monthly income on his children's education, invested 14% in shares, deposited 3% in a bank and used 40% for his daily expenses. He was left with a balance of Rs. 19,000. What was his income that month ?.

#### Answer:

Let the monthly income be Rs *x*.

Money spent on children's education = 5% of *x *= $\frac{5}{100}x$

Money spent on shares = 14% of *x *= $\frac{14}{100}x$

Money deposited in banks = 3% of *x *= $\frac{3}{100}x$

Money spent on daily expenses = 40% of *x *= $\frac{40}{100}x$

Savings = Rs 19,000

$\frac{5}{100}x$ + $\frac{14}{100}x$ + $\frac{3}{100}x$ + $\frac{40}{100}x$ + 19000 = *x*

$\Rightarrow \frac{62}{100}x+19000=x\phantom{\rule{0ex}{0ex}}\Rightarrow x-\frac{{\displaystyle 62}}{{\displaystyle 100}}x=19000\phantom{\rule{0ex}{0ex}}\Rightarrow \frac{38}{100}x=19000\phantom{\rule{0ex}{0ex}}\Rightarrow x=50,000\phantom{\rule{0ex}{0ex}}$

Thus, monthly income = Rs 50,000

#### Page No 98:

#### Question 4:

Mr. Sayyad kept Rs. 40,000 in a bank at 8% compound interest for 2 years. Mr. Fernandes invested Rs. 1,20,000 in a mutual fund for 2 years. After 2 years, Mr. Fernandes got Rs. 1,92,000. Whose investment turned out to be more profitable ?

#### Answer:

Amount deposited by Mr. Sayyed = Rs 40,000

Rate of interest = 8%

Time = 2 years

CI = Amount $-$ Principle

$=P{\left(1+\frac{R}{100}\right)}^{n}-P\phantom{\rule{0ex}{0ex}}=40,000{\left(1+\frac{8}{100}\right)}^{2}-40,000\phantom{\rule{0ex}{0ex}}=40,000\left[{\left(\frac{108}{100}\right)}^{2}-1\right]\phantom{\rule{0ex}{0ex}}=40,000\left(1.1664-1\right)\phantom{\rule{0ex}{0ex}}=40,000\times 0.1664\phantom{\rule{0ex}{0ex}}=\mathrm{Rs}6656$

$\mathrm{Percentage}\mathrm{profit}=\frac{6656}{40,000}\times 100=16.64\%$

Investment in mutual funds by Mr. Fernandes =Rs 1,20,000

Return of investment = Rs 1,92,000

Profit = $1,92,000-1,20,000=\mathrm{Rs}72,000$

Percentage profit from mutual funds = $\frac{72,000}{1,20,000}\times 100=60\%$

Thus, investment by Mr. Fernandes turned out to be more profitable.

#### Page No 98:

#### Question 5:

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

#### Answer:

Let Sameera's actual income be Rs *x*.

Money spent = 90% of *x = *$\frac{90}{100}x$

Money donated = 3% of *x = *$\frac{3}{100}x$

Money left = Rs 1750

Money spent + money donated + money left = Total income

$\Rightarrow \frac{90}{100}x+\frac{3}{100}x+1750=x\phantom{\rule{0ex}{0ex}}\Rightarrow 7x=175000\phantom{\rule{0ex}{0ex}}\Rightarrow x=25000$

Thus, Sameera's actual income is Rs 25000

#### Page No 106:

#### Question 1:

Observe the table given below. Check and decide, whether the individuals have to pay income tax.

S. No. | Individuals | Age | Taxable Income (rs ) |
Will have to pay income tax or not |

(i) (ii) (iii) (iv) (v) |
Miss Nikita Mr.Kulkarni Miss Mehta Mr. Bajaj Mr. Desilva |
27 36 44 64 81 |
rs 2,34,000 rs 3,27,000 rs 5,82,000 rs 8,40,000 rs 4,50,000 |

#### Answer:

(i) Miss Nikita is of age 27 and her taxable income is Rs 2,34,000.

She doesnt need to pay income tax as her earning is less than Rs 2,50,000.

(ii) Mr.Kulkarni is of age 36 years and his taxable income is Rs 3,27,000.

So, his taxable income falls in the slab of 2,50,001 to 5,00,000.

Thus, he needs to pay the income tax.

(iii) Miss Mehta is of age 44 and has a taxable income of Rs 5,82,000.

She needs to pay the income tax as her taxable income falls in the slab of Rs 5,00,001 to 10,00,000.

(iv) Mr. Bajaj is of age 64 years and has a taxable income of Rs 8,40,000.

He needs to pay the income tax as his taxable income falls in the slab of Rs 5,00,001 to 10,00,000.

(v) Mr. Desilva is of age 81 years and has taxable income of Rs 4,50,000.

He doesnt need to pay income tax as he is in the super senior category and has taxable income of less than Rs 5,00,000.

#### Page No 106:

#### Question 2:

Mr. Kartarsingh (age 48 years) works in a private company. His monthly income after deduction of allowances is Rs. 42,000 and every month he contributes Rs. 3000 to GPF. He has also bought Rs. 15,000 worth of NSC (National Savings Certificate) and donated Rs. 12,000 to the PM's Relief Fund. Compute his income tax.

#### Answer:

Monthly Income = Rs 42,000

Gross annual income = Rs 42,000 $\times $ 12 = Rs 5,04,000

Applicable deductions:

Monthly GPF contribution = Rs 3000

Annual GPF contribution = Rs 3000 $\times $ 12 = Rs 36,000

NSC = Rs 15,000

Donation in PM's relief fund = Rs 12000

Total applicable deductions = Rs 36,000 + 15,000 + 12,000 = Rs 63,000

Total taxable income = Gross annual income $-$ total applicable deductions

= Rs 5,04,000 $-$ Rs 63,000 = Rs 4,41,000

Now the Total taxable income falls in the slab of 2,50,001 to 5,00,000.

So, Income tax = (Taxable income $-$ 2,50,000) $\times \frac{5}{100}$ = Rs 9550

Education cess = $9550\times \frac{2}{100}=\mathrm{Rs}191$

Secondary and higher education cess = $9550\times \frac{1}{100}=\mathrm{Rs}95.5$

Total tax to be paid = Income tax + education cess + secondary and higher education cess = 9550 + 191 + 95.5

= Rs 9836.5

#### Page No 107:

#### Question 1:

(i) For different types of investments what is the maximum permissible amount under section 80C of income tax ?

(ii) A person has earned his income during the financial year 2017-18. Then his assessment year is ....

#### Answer:

(i) Under section 80 C of income tax, the maximum permissible amount is Rs 1,50,000.

Hence, the correct answer is option A.

(ii) The assessment year for the person who earned his income during 2017-18 will be 2018-19.

Hence, the correct answer is option B.

#### Page No 107:

#### Question 2:

#### Answer:

Let Mr. Shekhar's income be Rs *x*.

Money spent = 60% of *x* = $\frac{60}{100}x$

Money donated in orphanage = Rs 300

Money left = Rs 3200

Money spent + Money donated + Money left = Total income

$\Rightarrow \frac{60x}{100}+300+3200=x\phantom{\rule{0ex}{0ex}}\Rightarrow \frac{6x}{10}+3500=x\phantom{\rule{0ex}{0ex}}\Rightarrow x-\frac{6x}{10}=3500\phantom{\rule{0ex}{0ex}}\Rightarrow \frac{4x}{10}=3500\phantom{\rule{0ex}{0ex}}\Rightarrow x=8750$

Thus, Mr. Shekhar's income is Rs 8750

#### Page No 107:

#### Question 3:

Mr. Hiralal invested Rs. 2,15,000 in a Mutual Fund. He got Rs. 3,05,000 after 2 years. Mr. Ramniklal invested Rs. 1,40,000 at 8% compound interest for 2 years in a bank. Find out the percent gain of each of them. Whose investment was more profitable ?

#### Answer:

Mr. Hiralal's investment = Rs 2,15,000

Return of investment = Rs 3,05,000

Profit = 3,05,000 $-$ 2,15,000 = Rs 90,000

Profit% = $\frac{90,000}{2,15,000}\times 100=41.86\%$

Mr. Ramniklal invested Rs 1,40,000

Rate of interest = 8%

Time= 2 years

CI = A $-$ P

$=1,40,000{\left(1+\frac{8}{100}\right)}^{2}-1,40,000\phantom{\rule{0ex}{0ex}}=1,40,000\left[{\left(\frac{108}{100}\right)}^{2}-1\right]\phantom{\rule{0ex}{0ex}}=1,40,000\times 0.1664\phantom{\rule{0ex}{0ex}}=23,296$

Profit% = $\frac{23296}{140000}\times 100=16.64\%$

Thus, Mr. Hiralal's investment is more profitable.

#### Page No 107:

#### Question 4:

At the start of a year there were Rs. 24,000 in a savings account. After adding Rs. 56,000 to this the entire amount was invested in the bank at 7.5% compound interest. What will be the total amount after 3 years ?

#### Answer:

Total investment = Rs 24,000 + Rs 56,000 = Rs 80,000

Rate of interest = 7.5%

Time = 3 years

Amount = $P{\left(1+\frac{R}{100}\right)}^{n}$

$=80,000{\left(1+\frac{7.5}{100}\right)}^{3}\phantom{\rule{0ex}{0ex}}=80,000{\left(\frac{107.5}{100}\right)}^{3}\phantom{\rule{0ex}{0ex}}=80,000\times 1.242\phantom{\rule{0ex}{0ex}}=99383.75$

Thus, the amount after 3 years will be Rs 99383.75.

#### Page No 107:

#### Question 5:

Mr. Manohar gave 20% part of his income to his elder son and 30% part to his younger son. He gave 10% of the balance as donation to a school. He still had Rs. 1,80,000 for himself. What was Mr. Manohar's income ?

#### Answer:

Let Mr. Manohar's income be Rs *x*.

Money given to elder son = 20% of *x* = $\frac{20}{100}x$

Money given to younger son = 30% of *x* = $\frac{30}{100}x$

Balance = $x-\frac{20x}{100}-\frac{30x}{100}=\frac{50}{100}x$

Donation = 10% of balance = $\frac{10}{100}\left(\frac{50}{100}x\right)=\frac{5x}{100}$

Money left = Rs 1,80,000

Total income = Money to elder son + money to younger son + donation + money left

$\frac{30}{100}x+\frac{20}{100}x+\frac{5}{100}x+1,80,000=x\phantom{\rule{0ex}{0ex}}\Rightarrow \frac{55}{100}x+1,80,000=x\phantom{\rule{0ex}{0ex}}\Rightarrow x-\frac{{\displaystyle 55}}{{\displaystyle 100}}x=1,80,000\phantom{\rule{0ex}{0ex}}\Rightarrow \frac{45}{100}x=1,80,000\phantom{\rule{0ex}{0ex}}\Rightarrow x=4,00,000$

Thus, Mr. Manohar's income is Rs 4,00,000.

#### Page No 107:

#### Question 6:

#### Answer:

Let the income be Rs 100.

Expenditure = 85% of Rs 100 = $\frac{85}{100}\times 100=\mathrm{Rs}85$

New salary is 36% more than previous salary

So, new salary = 100 + $\frac{36}{100}\times 100$ = Rs 136

New expenditure increased by 40% of earlier expense.

New expenditure = $\left(100+\frac{40}{100}\times 100\right)\times 85=\mathrm{Rs}119$

Amount he saves now = New salary $-$ new expenditure

= Rs 136 $-$ Rs 119 = Rs 17

% saving = $\frac{17}{136}\times 100=12.5\%$

#### Page No 107:

#### Question 7:

Total income of Ramesh, Suresh and Preeti is 8,07,000 rupees. The percentages of their expenses are 75%, 80% and 90% respectively. If the ratio of their savings is 16 : 17 : 12, then find the annual saving of each of them.

#### Answer:

Let the savings of Ramesh, Suresh and Preeti be 16*x*, 17*x* and 12*x*.

Expenditure of Ramesh = 75% of income

So, Savings of Ramesh = 25% of income

We know

Saving = Income $-$ expenditure

16*x *= 25% of income

$\Rightarrow 16x=\frac{25}{100}\left(\mathrm{income}\mathrm{of}\mathrm{Ramesh}\right)\phantom{\rule{0ex}{0ex}}\Rightarrow 64x=\mathrm{income}\mathrm{of}\mathrm{Ramesh}$

Similarly, Savings of Suresh = 20% of his income

So,

$17x=20\%\left(\mathrm{income}\mathrm{of}\mathrm{Suresh}\right)\phantom{\rule{0ex}{0ex}}\Rightarrow 17x=\frac{20}{100}\left(\mathrm{income}\mathrm{of}\mathrm{Suresh}\right)\phantom{\rule{0ex}{0ex}}\Rightarrow 85x=\left(\mathrm{income}\mathrm{of}\mathrm{Suresh}\right)$

Savings of Preeti = 10% of her income

$\Rightarrow 12x=\frac{10}{100}\left(\mathrm{income}\mathrm{of}\mathrm{Preeti}\right)\phantom{\rule{0ex}{0ex}}\Rightarrow 120x=\left(\mathrm{income}\mathrm{of}\mathrm{Preeti}\right)$

Given that total income of Ramesh, Suresh and Preeti is 8,07,000.

$64x+85x+120x=8,07,000\phantom{\rule{0ex}{0ex}}\Rightarrow 269x=8,07,000\phantom{\rule{0ex}{0ex}}\Rightarrow x=\mathrm{Rs}3000$

Savings of Ramesh = Rs 16 $\times 3000=\mathrm{Rs}48000$

Savings of Suresh = Rs 85 $\times 3000=\mathrm{Rs}51000$

Savings of Preeti = Rs 120 $\times 3000=\mathrm{Rs}36000$

#### Page No 107:

#### Question 8:

(i) Mr. Kadam who is 35 years old and has a taxable income of Rs. 13,35,000.

#### Answer:

(i) Taxable income = Rs 13,35,000

Income tax = Rs 1,12,500 + 30%(Rs 13,35,000 $-$ Rs 10,00,000)

Rs 1,12,500 + $\frac{30}{100}\times 3,35,000$

= Rs 1,12,500 + Rs 1,00,500

= Rs 2,13,000

(ii) Taxable income = Rs 4,50,000

Income tax = 5%(Rs 4,50,000 $-$ Rs 3,00,000)

$=\frac{5}{100}\left(1,50,000\right)\phantom{\rule{0ex}{0ex}}=\mathrm{Rs}7500$

(iii) Taxable income = Rs 2,30,000

The tax payable is 0 as the taxable income is less than Rs 2,50,000.

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