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Question

The ratio of income and expenditure is 9:5. Income increases by 40% and expenditure decreases by 10%. If the initial income is ₹45,000 then the final saving (in ₹) is:

The correct answer is

40,500

Initial income = ₹45,000 Initial expenditure = (5/9) * 45000 = ₹25,000 Increased income = 45000 + (40/100) * 45000 = 45000 + 18000 = ₹63,000 Decreased expenditure = 25000 - (10/100) * 25000 = 25000 - 2500 = ₹22,500 Final saving = 63000 - 22500 = ₹40,500

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Important Questions from Income-tax

  1. As per the new tax regime of India, what is the exemption limit of income tax for financial year 2022-23?

  2. What is the basic difference in the aggregates at market price and factor cost?

  3. If assesssee is engaged in the business of growing and manufacturing tea in India, the non-agricultural income in that case be:

  4. Arrange the steps to e-filing of Income Tax Return in correct sequence:

    a) Register yourself

    b) Verify ITR V

    c) Select the requisite form

    d) Fill form and upload

    Choose the correct option from those below:

  5. SUGAM is also know as

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