Question

Last year, the yearly income of a service man was Rs. 96,000. Income tax was not

levied up to yearly income Rs. 75,000 and 10% of his yearly income was invested in
civil investment fund, which was also tax free. If 15% tax was lived on the rest of the
income how much yearly income tax should be pay?​

Answer 1

Explanation:

Amount invested in Civil investment fund= 10% of 96000

`=(10)/(100)*96000=10*960=9600`

Remaining Taxable Amount=96000 -(75000+9600)

= 96000 - 84600

= Rs. 11400

Tax = 15% of 11400

`=(15)/(100)*11400=15*114=1710`