60 + Interview Questions in FINANCIAL PLANNING IN GENERAL AWARENESS Page 2 InterviewSolution

51.	A trader from Surat, Gujarat sold cotton clothes to a trader in Rajkot, Gujarat. The taxable value of cotton clothes is Rs. 2.5 lacs. What is the amount of GST at 5% paid by the trader in Rajkot ?
Answer» Taxable amount of cotton clothes = Rs. 2.5 lacs, Rate of GST = 5% GST = 5% of taxable amount = (5/100) × 2,50,000 = Rs. 12500 ∴ Trader of Rajkot has to pay GST of Rs. 12,500.

51.

A trader from Surat, Gujarat sold cotton clothes to a trader in Rajkot, Gujarat. The taxable value of cotton clothes is Rs. 2.5 lacs. What is the amount of GST at 5% paid by the trader in Rajkot ?

Answer»

Taxable amount of cotton clothes = Rs. 2.5 lacs,

Rate of GST = 5% GST = 5% of taxable amount

= (5/100) × 2,50,000 = Rs. 12500

∴ Trader of Rajkot has to pay GST of Rs. 12,500.

Discussion

52.	A ready-made garment shopkeeper gives 5% discount on the dress of Rs. 1000 and charges 5% GST on the remaining amount, then what is the purchase price of the dress for the customer?
Answer» Printed price of dress = Rs. 1000 Rate of discount = 5% ∴ Amount of discount = 5% of printed price = 5/100 × 1000 = Rs. 50 ∴ Taxable value = Printed price – discount = 1000 – 50 = Rs. 950 Rate of GST = 5% ∴ GST = 5% of taxable value = 5/100 × 950 ∴ GST = Rs. 47.5 Purchase price of the dress = Taxable value + GST = 950 + 47.5 = Rs. 997.50 ∴ Purchase price of the dress for the customer is Rs. 997.50.

52.

A ready-made garment shopkeeper gives 5% discount on the dress of Rs. 1000 and charges 5% GST on the remaining amount, then what is the purchase price of the dress for the customer?

Answer»

Printed price of dress = Rs. 1000

Rate of discount = 5%

∴ Amount of discount = 5% of printed price

= 5/100 × 1000

= Rs. 50

∴ Taxable value = Printed price – discount

= 1000 – 50

= Rs. 950

Rate of GST = 5%

∴ GST = 5% of taxable value

= 5/100 × 950

∴ GST = Rs. 47.5

Purchase price of the dress

= Taxable value + GST

= 950 + 47.5 = Rs. 997.50

∴ Purchase price of the dress for the customer is Rs. 997.50.

Discussion

53.	A trader from Surat, Gujarat sold cotton clothes to a trader in Rajkot, Gujarat. The taxable value of cotton clothes is Rs. 2.5 lacs. What is the amount of GST at 5% paid by the trader in Rajkot?
Answer» Taxable amount of cotton clothes = Rs. 2.5 lacs, Rate of GST = 5% GST = 5% of taxable amount = 5/100 × 2,50,000 = Rs. 12500 ∴ Trader of Rajkot has to pay GST of Rs. 12,500.

53.

A trader from Surat, Gujarat sold cotton clothes to a trader in Rajkot, Gujarat. The taxable value of cotton clothes is Rs. 2.5 lacs. What is the amount of GST at 5% paid by the trader in Rajkot?

Answer»

Taxable amount of cotton clothes = Rs. 2.5 lacs,

Rate of GST = 5%

GST = 5% of taxable amount

= 5/100 × 2,50,000

= Rs. 12500

∴ Trader of Rajkot has to pay GST of Rs. 12,500.

Discussion

54.	Mr. Kartarsingh (age 48 years) works in a private company. His monthly income after deduction of allowances is ₹ 42,000 and every month he contributes ₹ 3000 to GPF. He has also bought ₹ 15,000 worth of NSC (National Savings Certificate) and donated ₹ 12,000 to the PM’s Relief Fund. Compute his income tax.
Answer» Mr. Kartarsingh’s monthly income = ₹ 42,000 Mr. Kartarsingh’s yearly income = 42,000 x 12 = ₹ 5,04,000 Mr. Kartarsingh’s investment = GPF + NSC = (3000 x 12)+ 15,000 = 36,000 + 15,000 = ₹ 51,000 Donation to PM’s relief fund = ₹ 12, 000 ∴ Taxable income = yearly income – (investment + donation) = 5,04,000 – (51,000 + 12,000) = 5,04,000 – 63,000 = ₹ 4,41,000 Mr. Kartarsingh income falls in the slab 2,50,001 to 5,00,000. ∴ Income tax = 5% of (Taxable income – 250000) = 5% of (4,41,000 – 2,50,000) = \(\frac{5}{100}\) x 1,91,000 100 = ₹ 9550 Education cess = 2% of income tax = \(\frac{2}{100}\) x 9550 = 191 Secondary and Higher Education cess = 1% of income tax = \(\frac{1}{100}\) x 9550 100 = 95.50 Total income tax = Income tax + Education cess + Secondary and higher education cess = 9550 + 191 + 95.50 = ₹ 9836.50 ∴ Mr. Kartarsingh’s income tax is ₹ 9836.50

54.

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

Answer»

Mr. Kartarsingh’s monthly income = ₹ 42,000

Mr. Kartarsingh’s yearly income = 42,000 x 12 = ₹ 5,04,000

Mr. Kartarsingh’s investment

= GPF + NSC =

(3000 x 12)+ 15,000

= 36,000 + 15,000

= ₹ 51,000

Donation to PM’s relief fund = ₹ 12, 000

∴ Taxable income

= yearly income – (investment + donation)

= 5,04,000 – (51,000 + 12,000)

= 5,04,000 – 63,000 = ₹ 4,41,000

Mr. Kartarsingh income falls in the slab 2,50,001 to 5,00,000.

∴ Income tax = 5% of (Taxable income – 250000) = 5% of (4,41,000 – 2,50,000)

= \(\frac{5}{100}\) x 1,91,000 100

= ₹ 9550

Education cess = 2% of income tax

= \(\frac{2}{100}\) x 9550

= 191 Secondary and Higher Education cess = 1% of income tax

= \(\frac{1}{100}\) x 9550 100 = 95.50

Total income tax = Income tax + Education cess + Secondary and higher education cess

= 9550 + 191 + 95.50

= ₹ 9836.50

∴ Mr. Kartarsingh’s income tax is ₹ 9836.50

Discussion

55.	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 ₹ 19,000. What was his income that month?
Answer» Let the monthly income of Nikhil be ₹ x. Nikhil invested 14% in shares and deposited 3% in a bank. ∴ Total investment = (14% + 3%) of x = 17% of x = \(\frac{17}{100}\)× x = 0.1 7 x Nikhil spent 5% on his children’s education and used 40% for his daily expenses. ∴ Total expenditure = (5% + 40%) of x = 45% of x = \(\frac{45}{100}\)× x = 0.45x Amount left with Nikhil = 19,000 Amount left with Nikhil = Income – (Total investment + Total expenditure) ∴ 19000 = x – (0.17x + 0.45x) ∴ 19000 = x – 0.62x , ∴ 19000 = 0.38x ∴ \(x=\frac{19000}{0.38}\) =\(\frac{19000\times100}{0.38\times100}\) = \(\frac{1900000}{38}\) ∴ = 50000 ∴ The monthly income of Nikhil is ₹ 50000.

55.

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 ₹ 19,000. What was his income that month?

Answer»

Let the monthly income of Nikhil be ₹ x.

Nikhil invested 14% in shares and deposited 3% in a bank.

∴ Total investment = (14% + 3%) of x

= 17% of x

= \(\frac{17}{100}\)× x

= 0.1 7 x

Nikhil spent 5% on his children’s education and used 40% for his daily expenses.

∴ Total expenditure = (5% + 40%) of x

= 45% of x

= \(\frac{45}{100}\)× x

= 0.45x

Amount left with Nikhil = 19,000

Amount left with Nikhil = Income – (Total investment + Total expenditure)

∴ 19000 = x – (0.17x + 0.45x)

∴ 19000 = x – 0.62x ,

∴ 19000 = 0.38x

∴ \(x=\frac{19000}{0.38}\) =\(\frac{19000\times100}{0.38\times100}\) = \(\frac{1900000}{38}\)

∴ = 50000

∴ The monthly income of Nikhil is ₹ 50000.

Discussion

56.	The rate of GST on stainless steel utensils is 18%, then the rate of state GST is ______ (A) 18% (B) 9% (C) 36% (D) 0.9%
Answer» The correct answer is : (B) 9%

Discussion

57.	Kailash used to spend 85% of his income. When his income increased by 36% his expenses also increased by 40% of his earlier expenses. How much percentage of his earning he saves now ?
Answer» Let the income of Kailash be ₹ x. Kailash spends 85% of his income. ∴ Kailash’s expenditure = 85% of x = \(\frac{85}{100}\) × x = 0.85 x Kailash’s income increased by 36%. ∴ Kailash’s new income = x + 36% of x = x + \(\frac{36}{100}\) × x = x + 0.36x = 1.36x Kailash’s expenses increased by 40%. ∴ Kailash’s new expenditure = 0.85x + 40% of 0.85x = 0.85x + \(\frac{40}{100}\) × 0.85 × 100 = 0.85x + 0.4 × 0.85x = 0.85x (1 + 0.4) = 0.85x × 1.4 = 1.19x ∴ Kailash’s new saving = Kailash’s new income – Kailash’s new expenditure = 1.36x – 1.19x = 0.17x Percentage of Kailash’s new saving = \(\cfrac{0.17x}{1.36x}\) × 100 = 12.5% ∴ Kailash saves 12.5% of his new earning.

57.

Kailash used to spend 85% of his income. When his income increased by 36% his expenses also increased by 40% of his earlier expenses. How much percentage of his earning he saves now ?

Answer»

Let the income of Kailash be ₹ x.

Kailash spends 85% of his income.

∴ Kailash’s expenditure = 85% of x

= \(\frac{85}{100}\) × x = 0.85 x

Kailash’s income increased by 36%.

∴ Kailash’s new income = x + 36% of x

= x + \(\frac{36}{100}\) × x

= x + 0.36x

= 1.36x

Kailash’s expenses increased by 40%.

∴ Kailash’s new expenditure = 0.85x + 40% of 0.85x

= 0.85x + \(\frac{40}{100}\) × 0.85 × 100

= 0.85x + 0.4 × 0.85x

= 0.85x (1 + 0.4)

= 0.85x × 1.4

= 1.19x

∴ Kailash’s new saving = Kailash’s new income – Kailash’s new expenditure

= 1.36x – 1.19x

= 0.17x

Percentage of Kailash’s new saving

= \(\cfrac{0.17x}{1.36x}\) × 100

= 12.5%

∴ Kailash saves 12.5% of his new earning.

Discussion

58.	Kailash used to spend 85% of his income. When his income increased by 36% his expenses also increased by 40% of his earlier expenses. How much percentage of his earning he saves now?
Answer» Let the income of Kailash be Rs x. Kailash spends 85% of his income. ∴ Kailash’s expenditure = 85% of x = (85/100) × x = 0.85 x Kailash’s income increased by 36%. ∴ Kailash’s new income = x + 36% of x = x + (36/100) × x = x + 0.36x = 1.36x Kailash’s expenses increased by 40%. ∴ Kailash’s new expenditure = 0.85x + 40% of 0.85x = 0.85x + (40/100) × 0.85 × 100 = 0.85x + 0.4 × 0.85x = 0.85x (1 + 0.4) = 0.85x × 1.4 = 1.19x ∴ Kailash’s new saving = Kailash’s new income – Kailash’s new expenditure = 1.36x – 1.19x = 0.17x Percentage of Kailash’s new saving = (0.17x/1.36x) × 100 = 12.5% ∴ Kailash saves 12.5% of his new earning.

58.

Kailash used to spend 85% of his income. When his income increased by 36% his expenses also increased by 40% of his earlier expenses. How much percentage of his earning he saves now?

Answer»

Let the income of Kailash be Rs x.

Kailash spends 85% of his income.

∴ Kailash’s expenditure = 85% of x

= (85/100) × x = 0.85 x

Kailash’s income increased by 36%.

∴ Kailash’s new income = x + 36% of x

= x + (36/100) × x

= x + 0.36x

= 1.36x

Kailash’s expenses increased by 40%.

∴ Kailash’s new expenditure = 0.85x + 40%

of 0.85x

= 0.85x + (40/100) × 0.85 × 100

= 0.85x + 0.4 × 0.85x

= 0.85x (1 + 0.4)

= 0.85x × 1.4

= 1.19x

∴ Kailash’s new saving = Kailash’s new income – Kailash’s new expenditure

= 1.36x – 1.19x

= 0.17x

Percentage of Kailash’s new saving

= (0.17x/1.36x) × 100

= 12.5%

∴ Kailash saves 12.5% of his new earning.

Discussion

59.	Mr. Manohar gave 20% of his income to his elder son and 30% to his younger son. He gave 10% of the balance income as donation to a school. He still had ₹ 1,80,000 for himself. What was Mr. Manohar’s income ?
Answer» Let the income of Mr. Manohar be ₹ x. . Amount given to elder son = 20% of x Amount given to younger son = 30% of x Total amount given to both sons = (20 + 30)% of x =50% of x ∴ Amount remaining with Mr. Manohar = (100 – 50)% of x = 50% of x 50 = \(\frac{50}{100}\)× 100 = 0.5 x He gave 10% of the balance income as donation to a school. Amount donated to school = 10% of 0.5x = \(\frac{10}{100}\) × 0.5x = 0.05x ∴ Amount remaining with Mr. Manohar after donating to school = 0.5x – 0.05x = 0.45x Mr. Manohar still had 1,80,000 for himself after donating to school. ∴ 180000 = 0.45x ∴ \(x = \cfrac{180000}{0.45} \) = \( \cfrac{180000\times100}{0.45\times 100} \) = \(\cfrac{18000000}{45} \) = 400000 ∴ The income of Mr. Manoliar is ₹4,00,000.

59.

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

Answer»

Let the income of Mr. Manohar be ₹ x.

. Amount given to elder son = 20% of x

Amount given to younger son = 30% of x

Total amount given to both sons = (20 + 30)% of x =50% of x

∴ Amount remaining with Mr. Manohar = (100 – 50)% of x

= 50% of x 50

= \(\frac{50}{100}\)× 100

= 0.5 x

He gave 10% of the balance income as donation to a school.

Amount donated to school = 10% of 0.5x

= \(\frac{10}{100}\) × 0.5x

= 0.05x

∴ Amount remaining with Mr. Manohar after donating to school = 0.5x – 0.05x

= 0.45x

Mr. Manohar still had 1,80,000 for himself after donating to school.

∴ 180000 = 0.45x

∴ \(x = \cfrac{180000}{0.45} \) = \( \cfrac{180000\times100}{0.45\times 100} \) = \(\cfrac{18000000}{45} \) = 400000

∴ The income of Mr. Manoliar is ₹4,00,000.

Discussion

60.	The tax levied by the central government for trading within state is ______ (A) IGST(B) CGST (C) SGST (D) UTGST
Answer» The correct answer is : (B) CGST

60.

The tax levied by the central government for trading within state is ______ (A) IGST(B) CGST (C) SGST (D) UTGST

Answer»

The correct answer is : (B) CGST

Discussion

Explore topic-wise InterviewSolutions in .

A trader from Surat, Gujarat sold cotton clothes to a trader in Rajkot, Gujarat. The taxable value of cotton clothes is Rs. 2.5 lacs. What is the amount of GST at 5% paid by the trader in Rajkot ?

A ready-made garment shopkeeper gives 5% discount on the dress of Rs. 1000 and charges 5% GST on the remaining amount, then what is the purchase price of the dress for the customer?

A trader from Surat, Gujarat sold cotton clothes to a trader in Rajkot, Gujarat. The taxable value of cotton clothes is Rs. 2.5 lacs. What is the amount of GST at 5% paid by the trader in Rajkot?

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 ₹ 19,000. What was his income that month?

The rate of GST on stainless steel utensils is 18%, then the rate of state GST is ______ (A) 18% (B) 9% (C) 36% (D) 0.9%

Kailash used to spend 85% of his income. When his income increased by 36% his expenses also increased by 40% of his earlier expenses. How much percentage of his earning he saves now ?

Kailash used to spend 85% of his income. When his income increased by 36% his expenses also increased by 40% of his earlier expenses. How much percentage of his earning he saves now?

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

The tax levied by the central government for trading within state is ______ (A) IGST(B) CGST (C) SGST (D) UTGST