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1.

Ismail gets a monthly salary of Rs. 12,500. He contributes Rs. 3500 per month towards PF. Calculate the income tax paid by him.A. Rs. 3000B. Rs. 5600C. Rs. 4830D. Rs. 3300

Answer» Correct Answer - C
Deduct the savings (as per the norms) and standard deduction from the annual salary.
Discussion
2.

Amar bought a book listed at Rs.350. The rate of sales tax was `6%` Find the sales tax paid by Amar. (in Rs.)A. 14B. `17.50`C. 21D. `24.50`

Answer» Correct Answer - C
Sales tax `=(6)/(100)(Rs.350)=Rs.21`.
Discussion
3.

Eswar earned an annual salary of Rs. 102,000. The standard deduction was Rs. 30,000. Donations upto `10%` of gross salary were exempt from tax. He donated Rs. 1050 per month to the National Defence Fund. Find his net taxable income. (in Rs.)A. 59400B. 61800C. 60200D. 60800

Answer» Correct Answer - B
Gross salary =Rs.102,000
Standard deduction for a salary of Rs.102,000 is Rs.30,000.
`:.` Standard deduction=Rs.30,000
The total amount donated (in Rs.)
=(12)(1050)=12,600
But, `10%` of the total salary is Rs.10,200 which is less than Rs. 12,600. which is less than Rs.12,600.
Net taxable income
=Rs.102,000-Rs.(30,000+10,200)=Rs.61,800.
Discussion
4.

Anand paid Rs. 30 as sales tax on a bottle of mineral water with a marked price of Rs. 400. Calculate the rate of sales tax.

Answer» Correct Answer - `7.5%`
Discussion
5.

The tax charged on the sale of goods that are moved from one state to other is called _______ .

Answer» Correct Answer - Central Sales Tax
Discussion
6.

The tax imposed on an individual of group of individuals which affects them directly, and is paid to the government directly is known as _________ .

Answer» Correct Answer - Direct Tax
Discussion
7.

The sales tax to be paid for an article is Rs. 13,500. A surcharge of `8%` of the sales tax was also payable Find the total amount of tax payable. (in Rs.)A. 14580B. 12420C. 12960D. 14040

Answer» Correct Answer - A
Sales tax = Rs.13,500
Surcharge `=(8)/(100)(Rs.13,500)=Rs.1080`
Tax payable = Rs. (13,500+1080)=Rs,580.
Discussion
8.

Amit bought a TV for Rs. 17,280 at a discount of `20%` followed by a `20%` sales tax. Had a `10%` discount been offered instead, followed by a `10%` sales tax, he would have bought it at a price which, including the sales tax, would have been _________ .A. Rs. 170 lessB. Rs. 140 lessC. Rs. 280 moreD. Rs. 540 more

Answer» Let the list price of the TV be Rs.k.
The final price of the TV=Rs.17,280.
`:.Rs.k.(k-(20)/(100))(1+(20)/(100))=Rs.17,280`
`k=(17,280)/((0.8)(1.2))=(17,280)/(0.96)`
`=(17,280)/(96)(100)=1800`
In the hypothetical case, the final price of the TV (in Rs.) would have been
`=18,000(1-(10)/(100))(1+(10)/(100))`
=18,000(0.9)(1.1)
=16,200(1.1)=17,820. This is Rs.540 more than the actual price paid.
Discussion
9.

If the marked price of an article is Rs. 100 and sales tax is `12%`, then the selling price is Rs. _________ .

Answer» Correct Answer - 112
Discussion
10.

Amrit Raj bought a mobile handest for Rs.5040 which includes `10%` discount on the market price and `12%` sales tax on the remaining price. Find the marked price of the mobile phone.A. Rs.4672B. Rs.5124C. Rs.5000D. Rs.4830

Answer» Correct Answer - C
Discussion
11.

Kumar paid Rs. 220 to buy an article including `10%` sales tax. Then, the selling price of the article is Rs. ______ .

Answer» Correct Answer - Rs.200
Discussion
12.

The list price of a TV is Rs.15,000, and the shopkeeper allows a discount of `20%and10%` successively on list price. On the remaining amount, he charges `20%` as sales tax. If the buyer paid Rs.x, then by how much amount will the list price exceed Rs.x?A. Rs. 3000B. Rs.4200C. Rs.2040D. Rs.5000

Answer» Correct Answer - C
(i) Apply the concept of percentages.
(ii) Calculate `20%and10%` successive discounts on list price.
(iii) Calculate `20%` sales tax on the amount after giving discounts.
X=Sales tax + amount after giving discount.
(iv) Required amount = Rs. (15,000-X).
Discussion
13.

The marked price and the selling price of an article are Rs. 1500 and Rs. 1800, respectively. If there is no discount, find the rate of sales tax.

Answer» Correct Answer - `20%`
Discussion
14.

The list price of an article is `50%` more than its original cost price. The shopkeeper allowed a discount of `20%` and charged a sales tax of `20%` on it. Finally, the buyer paid Rs.2880. What is the cost price of the article ?A. Rs.2500B. Rs.3500C. Rs.3000D. Rs.2000

Answer» Correct Answer - D
(i) Assume the cost price as Rs. 100 and proceed.
(ii) Let the cost price be Rs. x, then
List price `=Rs.(3x)/(2)`
(iii) Price afetr discount `=Rs.(3x)/(2)(1-(20)/(100))` (iv) Selling price with tax
`=(3x)/(2)(1-(20)/(100))(+(20)/(100))=Rs.2880`.
Discussion
15.

Find the list price of a bicycle which costs Rs.1595, inclusive of sales tax. The rate of sales tax is `10%`.

Answer» Correct Answer - Rs.1450
Discussion
16.

If the marked price of an article is Rs.M, then find the rate at which sales tax is charged if the person pays Rs.M inclusive of sales tax. Discount allowed is `10%`.A. `9%`B. `10%`C. `11(1)/(9)%`D. `9(1)/(11)%`

Answer» Correct Answer - C
What per cent of `(9M)/(10)` is M.
Discussion
17.

Subiksha earns Rs. 12,500 per month. She donates Rs. 3300 per month towards Prime Minister National Relief Fund `(100%` relief). Find the amount of tax she has to pay.

Answer» Correct Answer - Rs.5250.
Discussion
18.

Giri bought an auto for Rs.89,880 which included a sales tax of Rs.5880. Find the rate of the sales taxA. `5%`B. `8%`C. `9%`D. `7%`

Answer» Correct Answer - D
List price of the auto = Buying price - Sales tax
=Rs.89,880-Rs.5880=84,000.
Rate of sales tax `=(5880)/(84,000)xx(100)=7%``
Discussion
19.

Rohan buys a pair of shoes marked at Rs.2500. He receives a rebate of `8%` on it. After receiving the rebate, sales tax is charged at the rate of `5%`. What is the amount Rohan will have to pay for the pair of shoes ?A. Rs.2400B. Rs.2415C. Rs.2430D. Rs.2445

Answer» Correct Answer - B
Find `105%` of `92%` of Rs. 2500.
Discussion