Answer:
(i)
Annual Income
=
624
,
000
Rs
Annual Income=624,000Rs
(ii)
Tax Rebate
=
0.1
×
(
48
,
000
Rs
×
12
)
+
0.1
×
Income Tax
Tax Rebate=0.1×(48,000Rs×12)+0.1×Income Tax
(iii)
Income Tax
=
0.01
×
Annual Income (up to Rs 5,00,000)
+
0.10
×
(
Annual Income
−
5
,
00
,
000
)
Income Tax=0.01×Annual Income (up to Rs 5,00,000)+0.10×(Annual Income−5,00,000)
Step-by-step explanation:
Let's break down the information given and solve each part step by step:
(i) Annual Income:
Swornima's monthly basic salary is Rs 48,000.
She gets 1 month's salary as Dashain allowance.
To find the annual income, we can add the monthly salary and the Dashain allowance, and then multiply by 12.
Annual Income
=
(
48
,
000
Rs/month
+
48
,
000
Rs
)
×
12
months
Annual Income=(48,000Rs/month+48,000Rs)×12months
Annual Income
=
576
,
000
Rs
+
48
,
000
Rs
=
624
,
000
Rs
Annual Income=576,000Rs+48,000Rs=624,000Rs
(ii) Tax Rebate:
She deposits 10% of her basic salary in Citizen Investment Trust (CIT).
She gets a 10% rebate on her income tax.
Tax Rebate
=
0.1
×
(
48
,
000
Rs
×
12
)
+
0.1
×
Income Tax
Tax Rebate=0.1×(48,000Rs×12)+0.1×Income Tax
(iii) Annual Income Tax:
She has to pay 1% social security tax on income up to Rs 5,00,000.
She has to pay 10% income tax on Rs 5,00,001 to Rs 7,00,000.
Let's calculate the income tax first:
Income Tax
=
0.01
×
Annual Income (up to Rs 5,00,000)
+
0.10
×
(
Annual Income
−
5
,
00
,
000
)
Income Tax=0.01×Annual Income (up to Rs 5,00,000)+0.10×(Annual Income−5,00,000)
Now, let's substitute the values and solve for each part:
(i)
Annual Income
=
624
,
000
Rs
Annual Income=624,000Rs
(ii)
Tax Rebate
=
0.1
×
(
48
,
000
Rs
×
12
)
+
0.1
×
Income Tax
Tax Rebate=0.1×(48,000Rs×12)+0.1×Income Tax
(iii)
Income Tax
=
0.01
×
Annual Income (up to Rs 5,00,000)
+
0.10
×
(
Annual Income
−
5
,
00
,
000
)
Income Tax=0.01×Annual Income (up to Rs 5,00,000)+0.10×(Annual Income−5,00,000)
