Latest Elitmus Aptitude Question SOLUTION: DATA INTERPRETATION Given below are various tax slabs applicable to different salaried people. TAX slab MALE FEMALE

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(#M40019260) ELITMUS Numerical Ability question Keep an EYE

DATA INTERPRETATION
Given below are various tax slabs applicable to different salaried people.
TAX slab MALE FEMALE SENIOR CITIZEN
0% Rs. 0-Rs. 150000 Rs.0 - Rs.180000 Rs.0 - Rs.225000
10% 150001- 300000 180001-300000 225000-300000
20% 300001-500000 300001-500000 300001-500000
30% 500001 and above 500001 and above 500001 and above

Further
1) Income tax surcharge: A 10% surcharge is applicable on total tax payable, if ,the taxable income after taking into consideration all the deductions is above Rs. 10,00,000.
2) The following components of a salary are considerd taxable, Basic ,Dearness Allowance(DA), House Rent Allowance(HRA), Medical Allowance(MA), Conveyance and Bonus.
3) Any medical expenses adding up to Rs. 15000 per year is exempt from income tax.
4) Any investments in public provident fund, govt bonds,premium paid towards life insurance,adding up to Rs. 100000 is exempt from income tax.
5) HRA is exempt from income tax as per the rule below
The lower of the three (i) 40% of the basic (ii) actual HRA received (iii) actual rent paid
6) Conveyance of up to rs. 800 per month is not taxable.
7) One has to be of age 65 years or more to be considered a senior citizen.
Q.1. Mr. Salman Khan recently moved to a rented house near to his office. He pays 20% of his monthly salary as rent for this house. After his recent pay revision for the financial year 2009-10 his monthly payslip looks as below and remains the same through out the year. He expects to spend not more than rs. 6600 towards medical expenses that year. What is the estimated income for liability of Mr. salman khan for that year?
Basic-40000, DA-4000 HRA-15000 MA-1100 CONVEYANCE-1000
a) 57208 b) 76180 c)79600 d) 86966
Q.2 Mr. amit retired last year at the age of 60 years after working as a teacher for 35 long years . this financial year , He has received a monthly pension of rs. 21000 alll of it under the head basic. Amit has purchased govt bonds worth rs. 2200 every month without fail. How much income tax does amit owe tp the govt for this financial year?
a) 60 b) 2700 c) 7500 d) 10200
Q.3. aish and abhi is a young working couple. They are both employed with winfy at similar position and receive same salary. They also have made identical investments and expenses during the year. If abhi pays an income tax of rs. 1500 for financial year 2008-09 how much income tax did aish pay?
A) 0 b) 750 c) 1500 d) can’t be determined
Q.4. shweta’s estimated income tax for the financial year 2009-10 is rs. 142000 after adjusting her income for the annual life insurance premium of rs. 12000 she pays. Her salary components are DA and Basic . Da is rs. 2000 per month. What is her annual income , if all her income is from salary?
a) 790000 b) 800000 c) 802000 d) 812000

Asked In Elitmus Prakash Gupta (10 years ago)

Unsolved Read Solution (13)

Is this Puzzle helpful?   (21)   (16) Submit Your Solution Data Interpretation

Read Solution (13) :

Atul  (9 years ago)

2)
TOTAL PENSION=21000*12=252000
GOVT. BOND=2200*12=26400
TAXABLE INCOME=252000-26400=225600
TOTAL TAX=0 % OF TAX ON 150000+ 10 % OF TAX ON 225600-150000
=7560

3)MIN TAX IF SAL IS OVER 300000---->10 % OF (3L-1.5L)=15000
SO SAL OF ABHI IS LESS THEN 3L
x*10/100=1500
x=15000
so sal of abhi is 150000(w/o taxable)+15000=165000
on same salary for aish there will be no tax.

4)tax if sal below 500000=15000+40000=65000
so sal is >500000

on 12000 no tax


taxable sal=>
x*30*100=142000-40000-15000
x*30/100=87000
x=290000

ie 500000+290000=790000(taxable sal)
total=790000+12000=802000

Is this solution Helpfull? Yes (7) | No (4)  

siddhant  (10 years ago)

2-7560,3-0,4-812000

Is this solution Helpfull? Yes (4) | No (12)  

AAKASH SHINGHAL  (8 years ago)

Can anybody explain me the first question?

Is this solution Helpfull? Yes (4) | No   

Atul  (9 years ago)

in 4th part
at 5 lakh the tax is=40000+12000
suppose her salary on which tax is applicable is x more then 500000 so

x*30/100=142000-40000-12000
so x=300000

so sal=500000+300000+12000(bond)=812000

Is this solution Helpfull? Yes (2) | No   

ALOK KUMAR  (10 years ago)

IN QUESTION NO THE OPTIONS ARE INCORRECT
IT IS A)60 B)2700 3)7560 4)10200

AND THE CORRECT ANSWER IS 7560

Is this solution Helpfull? Yes (1) | No (4)  

sooraj singh  (7 years ago)

@atul he is a senior citizen (age=60) so he is extempted from tax for salry 0-225000 rs. now after reduction of govt bond money he is left with 225600
i will explain how-
his pension = 21000*12=252000
GOVT. BOND=2200*12=26400
TAXABLE INCOME=252000-26400=225600
TOTAL TAX=0 % OF TAX ON 225000+ 10 % OF TAX ON 225600-225000
=600
now the question is How much income tax does amit owe tp the govt for this financial year so it will be 10% of taxable income i.e, 10% of 600 which is 60
hence option a (60) is the correct anser .

Is this solution Helpfull? Yes (1) | No (2)  

  (6 years ago)

1)
Monthly Yearly
Basic salary = 40000 Basic salary = 480000
DA = 4000 DA = 48000
HRA = 15000 HRA = 180000
MA = 1100 MA = 13200
Conveyance = 1000 Conveyance = 12000
Total Salary = 61100 Total Salary =733200
House Rent = 0.2*61100 House Rent = 12220*12
=12220 =146640

Taxable HRA = HRA-House Rent
=180000-146640
= 33360
Taxable Conveyance = 200*12
= 2400
Total Taxable Amount=480000+48000+33360+13200+2400-6600(Medical Expense)
=570360
Income Tax = 0 (for first 150000)+ 0.1*150000(for next 150000)+ 0.2*200000(for next 200000)+
0.3*70360(for next 70360)
=0+15000+40000+21108
=76108 Ans.

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GAURAV RAJ  (5 years ago)

Can anyone explain me point 5 i.e HRA exemption from tax

Is this solution Helpfull? Yes (1) | No   

vimal  (10 years ago)

Please anybody provide solution for this

Is this solution Helpfull? Yes | No (5)  

megha parmar  (10 years ago)

provide the solution please

Is this solution Helpfull? Yes | No (1)  

dfdsfd  (9 years ago)

1)B
2)C
3)a
d)d

Is this solution Helpfull? Yes | No (4)  

Gaurav kumar  (9 years ago)

Can anyone solve the first question.
How it is ans B

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Ram Kumar Prajapati  (8 years ago)

Can any1 explain that :
Is monthly salary= basic salary
or
is it means monthly salary= Basic+DA+HRA+MA+Covenyance+Bonus

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