Q1 of 16 Page 107

Write the correct alternative answer for each of the following questions.

A person has earned his income during the financial year 2017-18. Then his assessment year is ....

The period in which the income is earned is called the financial year. And, the income tax are filed in the next year of the financial year. It is called the assessment year.

∴ if he earned his income in 2017-18, his assessment year will be 2018-19.

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2

Mr. Kartarsingh (age 48 years) works in a private company. His monthly income after deduction of allowances is Rs. 42,000 and every month he contributes Rs. 3000 to GPF. He has also bought Rs. 15,000 worth of NSC (National Savings Certificate) and donated Rs. 12,000 to the PM's Relief Fund. Compute his income tax.

 1

Write the correct alternative answer for each of the following questions.

For different types of investments what is the maximum permissible amount under section 80C of income tax?

 2

Mr. Shekhar spends 60% of his income. From the balance he donates Rs. 300 to an orphanage. He is then left with Rs. 3,200. What is his income?

 3

Mr. Hiralal invested Rs. 2,15,000 in a Mutual Fund. He got Rs. 3,05,000 after 2 years. Mr. Ramniklal invested Rs. 1,40,000 at 8% compound interest for 2 years in a bank. Find out the percent gain of each of them. Whose investment was more profitable?