Start learning 50% faster. Sign in now
This year’s budget proved the phrase “expect the unexpected” from a personal tax perspective. There was much speculation until the budget day regarding reduction in slab rates and other sops for the salaried class. However, the Finance Minister came up with a simple, yet impactful set of proposals to please the common man. The existing tax rate of 10% for income range between ₹ 2.5 lakh and ₹ 5 lakh has been brought down to 5%, which has cheered many. This, coupled with the existing deduction available under section 80C of the act will ensure that individuals won’t have to pay any income tax up to an income of ₹ 4 lakh. Ironically, we may not know how much of such 80C deductions could be utilised by the low-income group taxpayers, but still the benefit stands, if the qualifying investments are made to avail the deduction under 80C of the act. Further, this budget also simplified the tax filing process as a one pager return for the salaried class up to a taxable income of ₹5 lakh without any business income.
The ratio of the income and savings of Michael is 6:2, respectively. If his expenditure increases by an amount which is equal to 25% of his initial savi...
Mohit’s salary is ₹15,000 per month. He spends ₹5,000 on house rent, ₹2,000 on bills, and the rest of the amount is his monthly savings. Find hi...
The ratio of income of 'X' to that of 'Y' is 5:6. Sum of their expenditures is Rs. 80,000. Savings of 'X' is 30% more than that of 'Y'. Expenditure of '...
Rohit allocates his monthly salary in different proportions: 15% on traveling, 20% on entertainment, 22% on studies, and 26% on food. The remainder is d...
Pankaj saves 33.33% of his monthly Income. If monthly Expenses of Pankaj is increased by 25% with respect to his previous monthly expenses, then his mon...
The sum of the original incomes of ‘Atul’ and ‘Bineet’ is Rs. 82000. If the income of ‘Atul’ had been 26000 more, then his income would ha...
The monthly incomes of Rahul, Sanjay, and Vikram are in the ratio of 3:5:4, while their monthly expenditures are in the ratio of 6:5:7. Rahul earns Rs. ...
Neha spends 60% of her monthly income. If her monthly income increased by 35% and her expenditure remained the same, then she would be able to save Rs. ...