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The IIT Foundation series of Mathematics Class

Trishna Knowledge Systems

Chapter 23

Taxation - all with Video Answers

Educators

NW

Chapter Questions

01:34

Problem 1

Ramu purchased a motorcycle at a price of Rs 37800 which includes the sales tax. If the rate of sales tax is $8 \%$, then what is the list price of the motorcycle?
(1) Rs 31000
(2) Rs 33000
(3) Rs 35000
(4) Rs 37000

Anas Venkitta
Anas Venkitta
Numerade Educator
02:11

Problem 2

Rohan buys a pair of shoes marked at Rs 2500 . He gets a rebate of $8 \%$ on it. After getting the rebate, sales tax is charged at the rate of $5 \%$. What is the amount he will have to pay for the pair of shoes?
(1) $\mathrm{Rs} 2400$
(2) Rs 2415
(3) Rs 2430
(4) Rs 2445

Anas Venkitta
Anas Venkitta
Numerade Educator
01:31

Problem 3

Raju purchased a car for Rs 155750 , inclusive of sales tax. He paid $\mathrm{Rs} 5750$ as sales tax. What is the rate of sales tax?
(1) $3 \frac{2}{3} \%$
(2) $3 \frac{3}{4} \%$
(3) $3 \frac{4}{5} \%$
(4) $3 \frac{5}{6} \%$

Anas Venkitta
Anas Venkitta
Numerade Educator
02:19

Problem 4

Amar wants to buy a shirt which is listed at Rs 378 . The rate of sales tax is $8 \%$. He told the shopkeeper to reduce the list price to such an extent that he has to pay not more than Rs 378 including sales tax. What is the minimum reduction needed in the list price of the shirt?
(1) $\operatorname{Rs} 24$
(2) $\mathrm{Rs} 26$
(3) $\mathrm{Rs} 28$
(4) $\mathrm{Rs} 30$

Anas Venkitta
Anas Venkitta
Numerade Educator
01:01

Problem 5

Ramesh purchased a bag listed at Rs 550 . If the rate of sales tax is $8 \%$, then what is the sales tax paid by Ramesh?
(1) $\mathrm{Rs} 42$
(2) $\operatorname{Rs} 43$
(3) Rs 44
(4) $\operatorname{Rs} 45$

Anas Venkitta
Anas Venkitta
Numerade Educator
02:26

Problem 6

Ismail gets a monthly salary of Rs 12500 . He contributes Rs 3500 per month towards PF. Calculate the income tax paid by him.
(1) $\mathrm{Rs} 3000$
(2) $\mathrm{Rs} 5600$
(3) Rs 4830
(4) Rs 3300

Kumar Vaibhav
Kumar Vaibhav
Numerade Educator
02:21

Problem 7

Rakesh purchased a car which was quoted at Rs 256000 . The dealer charged sales tax on it at the rate of $12 \%$. As Rakesh wanted to take the car outside the state, the dealer further charged $3 \%$ extra as Central Sales Tax. What is the amount he had to pay for the car?
(1) Rs 295123.60
(2) Rs 286720
(3) Rs 294400
(4) None of these

Anas Venkitta
Anas Venkitta
Numerade Educator
01:29

Problem 8

Satish earns an annual salary of Rs 150000 and the standard deduction applicable to him is $40 \%$ of the salary or Rs 30000, whichever is less. Then his net taxable income is
(1) Rs 30000
(2) Rs 120000
(3) $\mathrm{Rs} 60000$
(4) $\mathrm{Rs} 90000$

Kumar Vaibhav
Kumar Vaibhav
Numerade Educator
02:30

Problem 9

Ajay purchased a computer for Rs 34650 which includes $12 \%$ rebate on the marked price and $5 \%$ sales tax on the remaining price. What is the marked price of the computer?
(1) $\mathrm{Rs} 35000$
(2) $\mathrm{Rs} 37500$
(3) $\mathrm{Rs} 40000$
(4) $\mathrm{Rs} 42500$

Anas Venkitta
Anas Venkitta
Numerade Educator
01:26

Problem 10

Calculate taxable income.
(1) $\mathrm{Rs} 198000$
(2) $\mathrm{Rs} 280000$
(3) Rs 326000
(4) Rs 380000

Kumar Vaibhav
Kumar Vaibhav
Numerade Educator
01:58

Problem 11

Find the rebate amount on his savings.
(1) Rs 15350
(2) Rs 10250
(3) $\mathrm{Rs} 8550$
(4) $\mathrm{Rs} 20000$

NW
Nida Wasiq
Numerade Educator
02:19

Problem 12

If the marked price of an article is $\mathrm{Rs} \mathrm{M}$, then find the rate at which sales tax is charged if the person pays Rs M inclusive of sales tax. Discount allowed is $10 \%$.
(1) $9 \%$
(2) $10 \%$
(3) $11 \frac{1}{9} \%$
(4) $9 \frac{1}{11} \%$

NW
Nida Wasiq
Numerade Educator
01:51

Problem 13

The list price of a T.V. is Rs 15000 and the shopkeeper allows a discount of $20 \%$ and $10 \%$ successively on list price. On the remaining amount, he charges $20 \%$ as sales tax. If buyer paid Rs $\mathrm{x}$, then by how much amount will the list price exceed $\operatorname{Rs} x$ ?
(1) $\mathrm{Rs} 3000$
(2) $\operatorname{Rs} 4200$
(3) $\mathrm{Rs} 2040$
(4) $\mathrm{Rs} 5000$

NW
Nida Wasiq
Numerade Educator
02:23

Problem 14

Saritha's annual salary is Rs 160000 . She contributes Rs 6000 towards GPF and pays an LIC annual premium of Rs 5000. Calculate the income tax she will have to pay in the year.
(1) $\mathrm{Rs} 16117.50$
(2) $\mathrm{Rs} 15117.50$
(3) $\mathrm{Rs} 17117.50$
(4) $\mathrm{Rs} 16017.50$

NW
Nida Wasiq
Numerade Educator
02:07

Problem 15

Ranjit purchased a refrigerator for the price of Rs 8910 which includes $10 \%$ rebate on marked price and $10 \%$ sales tax on the remaining price. If the sales tax is increased to $20 \%$ without allowing the $10 \%$ rebate on the marked price, how much more will the customer pay for a refrigerator?
(1) $\mathrm{Rs} 1850$
(2) $\operatorname{Rs} 1890$
(3) $\mathrm{Rs} 1860$
(4) $\mathrm{Rs} 1840$

NW
Nida Wasiq
Numerade Educator
02:00

Problem 16

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 $\mathrm{Rs} 2880$. What is the cost price of the article?
(1) $\mathrm{Rs} 2500$
(2) $\operatorname{Rs} 3500$
(3) $\operatorname{Rs} 3000$
(4) $\mathrm{Rs} 2000$

NW
Nida Wasiq
Numerade Educator
01:16

Problem 17

If the tax to be paid is $\mathrm{Rs} 12700$ and surcharge is calculated as $10 \%$ of the tax payable, then find the net tax payable.
(1) Rs 13970
(2) Rs 14690
(3) Rs 12690
(4) Rs 13500

Kumar Vaibhav
Kumar Vaibhav
Numerade Educator
02:30

Problem 18

Mr Ranvir Patnikar earns an annual salary of Rs 270000 . If his employer deducts Rs 3000 every month from his salary for the first 11 months, then calculate the amount he has to pay towards tax in the last month of the financial year. Standard deduction is $40 \%$ of the salary or $\mathrm{Rs} 30000$, whichever is less. The income tax on his earnings is calculated based on the data given below. Slabs for income tax:
(i) Upto Rs $50000-$ Nil
(ii) from Rs 50000 to $-10 \%$ of the amount Rs 100000 exceeding 50000
(iii) from Rs 100001 to $-$ Rs $5000+20 \%$ of the Rs 200000 amount exceeding Rs 100000
(iv) Above Rs $200000-$ Rs $25000+30 \%$ of the amount exceeding Rs 200000
(1) $\mathrm{Rs} 3000$
(2) $\operatorname{Rs} 4000$
(3) $\mathrm{Rs} 5000$
(4) $\mathrm{Rs} 6000$

NW
Nida Wasiq
Numerade Educator
02:26

Problem 19

The annual salary of Mr Ravi Teja is Rs 178500 . He donates Rs 750 per month towards the National Defence Fund (eligible for $100 \%$ exemption). If standard deduction is $30 \%$ of the gross salary income or Rs 30000 , whichever is less, then find his net taxable income.
(1) Rs 148000
(2) Rs 147250
(3) Rs 139500
(4) $\mathrm{Rs} 150000$

Kumar Vaibhav
Kumar Vaibhav
Numerade Educator
01:05

Problem 20

Siri's total income is Rs $16500 .$ Of this Rs 5000 is free from tax. Find the net income remaining with her after she paid the income tax at $5 \%$. (in Rs)
(1) 10925
(2) 15675
(3) 15925
(4) 14750

NW
Nida Wasiq
Numerade Educator
01:44

Problem 21

Bala bought a motorbike at Rs 49050 which included sales tax. The rate of sales tax was $9 \%$. Find the listed price of the motorbike (in $\mathrm{Rs}$ s).
(1) 44000
(2) 45000
(3) 46000
(4) 47000

Anas Venkitta
Anas Venkitta
Numerade Educator
01:31

Problem 22

David earns an annual salary of Rs 160000 . If the standard deduction applicable to him is $30 \%$ of his gross salary or Rs 50000 whichever is less, find his net taxable income (in $\mathrm{Rs}$ ).
(1) 110000
(2) 118000
(3) 112000
(4) 108000

Kumar Vaibhav
Kumar Vaibhav
Numerade Educator
02:16

Problem 23

Giri bought an auto for Rs 89880 which included a sales tax of $\mathrm{Rs} 5880 .$ Find the rate of the sales tax.
(1) $5 \%$
(2) $8 \%$
(3) $9 \%$
(4) $7 \%$

Anas Venkitta
Anas Venkitta
Numerade Educator
01:45

Problem 24

Hari bought a raincoat marked at Rs 550. He got a $15 \%$ discount on it but he had to pay sales tax at $10 \%$ on the discounted price. Find the price which he paid for it (in $\mathrm{Rs}$ ) inclusive of the sales tax.
(1) $508.25$
(2) $514.25$
(3) $520.25$
(4) $526.25$

Kumar Vaibhav
Kumar Vaibhav
Numerade Educator
01:21

Problem 25

Amar bought a book listed at $\mathrm{Rs} 350 .$ The rate of sales tax was $6 \%$. Find the sales tax paid by Amar (in Rs).
(1) 14
(2) $17.50$
(3) 21
(4) $24.50$

Anas Venkitta
Anas Venkitta
Numerade Educator
02:25

Problem 26

Manish's annual income is Rs 132000 . There is no income tax on the money donated to charity. On the remaining amount, he pays Rs 4480 as income tax at $4 \%$. What amount does he denote to the charity?
(1) Rs 24500
(2) Rs 20000
(3) Rs 30000
(4) $\mathrm{R}$ s 18250

Kumar Vaibhav
Kumar Vaibhav
Numerade Educator
02:04

Problem 27

Amrit Raj bought a Nokia mobile 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.
(1) $\mathrm{Rs} 4672$
(2) $\operatorname{Rs} 5124$
(3) $\mathrm{Rs} 5000$
(4) Rs 4830

Kumar Vaibhav
Kumar Vaibhav
Numerade Educator
01:26

Problem 28

Laxmi's total income is Rs $22500 .$ Of this Rs 7000 is free from tax. Find the net income remaining with her after she paid the income tax at the rate of $8 \%$. (in $\mathrm{Rs}$ )
(1) 21375
(2) 21260
(3) 20675
(4) 22105

Kumar Vaibhav
Kumar Vaibhav
Numerade Educator
01:16

Problem 29

Rajnesh's annual income is Rs 180000 . He pays no income tax on the money invested in premiums. On the remaining amount he pays Rs 10920 as income tax at $7 \%$. What amount does he invest in premiums?
(1) $\mathrm{R}$ s 18000
(2) Rs 22500
(3) Rs 24000
(4) Rs 27400

NW
Nida Wasiq
Numerade Educator
01:06

Problem 30

Karan bought a T.V. for Rs 9350 which includes $15 \%$ discount on the marked price and then $10 \%$ sales tax on the remaining price. Find the marked price of the TV. (in Rs)
(1) 9000
(2) 9750
(3) 10200
(4) 10000

Kumar Vaibhav
Kumar Vaibhav
Numerade Educator
02:44

Problem 31

Govind earned an annual salary of Rs 330000. His employer deducted Rs 3000 per month from his salary for the first 11 months of the financial year. Find the amount of tax he paid (in $\mathrm{Rs}$ ) in the last month of that year using the information below. If the standard deduction is $45 \%$ of the salary or Rs 150000 , which ever is less. The income tax on the TI (taxable income) is calculated in the following manner.
(i) Less than or equal to Rs $50000-$ Nil
(ii) From Rs 50000 to Rs $100000: 20 \%$ of the amount exceeding Rs 50000
(iii) From Rs 100001 to Rs 150000 : Rs $10,000+30 \%$ of the amount exceeding Rs 100000
(iv) Above Rs 150000: Rs $25000+40 \%$ of the amount exceeding Rs 150000
(1) 6400
(2) 5600
(3) 4800
(4) 4600

NW
Nida Wasiq
Numerade Educator
01:35

Problem 32

Eswar earned an annual salary of Rs 102000 . The standard deduction was Rs 30000 . Donations upto $10 \%$ of the gross salary were exempt from tax. He donated Rs 1050 per month to the NDF (National Defence Fund). Find his net taxable income (in $\mathrm{Rs}$ ).
(1) 59400
(2) 61800
(3) 60200
(4) 60800

NW
Nida Wasiq
Numerade Educator
02:19

Problem 33

An article was marked at Rs m. A $10 \%$ discount was given on it. The sales tax was then charged at y\%. A person bought it for at $\mathrm{Rs} \mathrm{p}$ (where $\mathrm{p} \geq \mathrm{m}$ ) which included the sales tax. $\mathrm{y}$ must be atleast
(1) 10
(2) $9^{1 /}$
(3) $11^{1} / \mathrm{g}$
(4) $12^{1} /$

NW
Nida Wasiq
Numerade Educator
01:53

Problem 34

The sales tax to be paid for an article is Rs 13500 . A surcharge of $8 \%$ of the sales tax was also payable. Find the total tax payable (in $\mathrm{Rs}$ ).
(1) 14580
(2) 12420
(3) 12960
(4) 14040

Anas Venkitta
Anas Venkitta
Numerade Educator
01:34

Problem 35

An article was marked at $\mathrm{Rs} \mathrm{m}$. A discount of $\mathrm{x} \%$ was given on it. A sales tax of $\mathrm{x} \%$ was then charged. A person bought it for $\mathrm{Rs} \mathrm{s}$ which included the sales tax. Which of the following can be concluded?
(1) $\mathrm{s}<\mathrm{m}$
(2) $\mathrm{s}=\mathrm{m}$
(3) $\mathrm{s}>\mathrm{m}$
(4) None of the previous choices

NW
Nida Wasiq
Numerade Educator
02:23

Problem 36

Somu earned a monthly salary of Rs 17500 . He contributed Rs 5250 per month towards LIC premium. Find the income tax paid by him (in $\mathrm{Rs}$ ).
(1) $20094.50$
(2) $21016.50$
(3) $21052.50$
(4) $21078.50$

NW
Nida Wasiq
Numerade Educator
01:36

Problem 37

A fridge has a listed price of Rs 16000 . Successive discounts of $10 \%$ and $20 \%$ are given on its listed price. Sales tax is then charged at $30 \%$. Ravi bought it for $\mathrm{Rs} \mathrm{S}$ which includes the sales tax. Find $\mathrm{S}$.
(1) 16000
(2) 15848
(3) 16168
(4) 14976

NW
Nida Wasiq
Numerade Educator
01:58

Problem 38

Ashwin's annual salary was Rs 150000 . He contributed Rs 5000 to PPF (Public Provident Fund) and Rs 10000 to NSC (National Savings Certificate). Find the income tax paid by him (in $\mathrm{Rs}$ ).
(1) 10200
(2) 10500
(3) 10800
(4) 11200

NW
Nida Wasiq
Numerade Educator
02:34

Problem 39

Amit bought a TV for Rs 17280 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
(1) Rs 170 less
(2) Rs 140 less
(3) Rs 280 more
(4) Rs 540 more

NW
Nida Wasiq
Numerade Educator
01:22

Problem 40

Ganesh's salary is Rs 25000 per month. He contributes Rs 25000 to CPF (Contributory Provident Fund) and Rs 20000 to PPF (Public Provident Fund). He donates Rs 13000 to the PM's NRF (National Relief Fund) and Rs 15000 to MR (Medical Research). Find his net taxable income (in Rs).
(1) 243000
(2) 247000
(3) 251000
(4) 25500

NW
Nida Wasiq
Numerade Educator