Maharashtra Board Class 9 Math Solution Chapter 6 – Financial Planning
Balbharati Maharashtra Board Class 9 Math Solution Chapter 6: Financial Planning. Marathi or English Medium Students of Class 9 get here Financial Planning full Exercise Solution.
Std |
Maharashtra Class 9 |
Subject |
Math Solution |
Chapter |
Financial Planning |
Practice Set – 6.1
(1) Alka spends 90% of the money that she receives every month, and saves Rs. 120. How much money does she get monthly?
Ans:
Let, Alka’s monthly income is x.
According to Question, 90/100x + 120 = x
=> 9x + 1200 = 10x
=> x = 1200
∴ Monthly income = ₹1200.
(2) Sumit borrowed a capital of Rs. 50,000 to start his food products business. In the first year he suffered a loss of 20%. He invested the remaining capital in a new sweets business and made a profit of 5%. How much was his profit or loss computed on his original capital?
Ans:
Loss suffered = 20% × 50000
= 20/100 × 50000
= ₹10000
Remaining money = ₹ (50000 – 10000) = ₹40000
Profit made = 5% × 40000
= ₹2000
Capital after profit = ₹40000 + 2000
= ₹42000
Total loss suffered = ₹50000- 42000
= ₹8000
Percentage of loss = 8000/50000 × 100%
= 16%
(3) Nikhil spent 5% of his monthly income on his children’s education, invested 14% in shares, deposited 3% in a bank and used 40% for his daily expenses. He was left with a balance of Rs. 19,000. What was his income that month?
Ans:
Let, Nikhil’s income that month be ₹x
A/Q,
5% x + 14% x + 3% x + 40% x + 19000 = x
= (1 – 5/100) – 14/100) – 3/100 – 40/100) x = 19000
= (100 – 5 – 14 – 3 – 40) x = 19000 × 100
= 38x = 1900000
= x = 50000
∴ Nikhil’s income month was ₹50000
(4) Mr. Sayyad kept Rs. 40,000 in a bank at 8% compound interest for 2 years. Mr. Fernandes invested Rs. 1,20,000 in a mutual fund for 2 years. After 2 years, Mr. Fernandes got Rs. 1,92,000. Whose investment turned out to be more profitable?
Ans:
Compound interest = Amount – Principal
= P (1 + r/100)^{n} – P
= 40000 [(1 + 8/100)^{2} – 1]
= 40000 [(1.08)^{2} – 1]
= ₹6656.
Percentage of interest = 6656/40000 × 100
= 16.64%
Profit on mutual funds = ₹1,92,000 – ₹1,20,000
= ₹72,000
Percentage of profit = 72000/120000 × 100
∴ Investment on mutual funds was more profitable.
(5) Sameera spent 90% of her income and donated 3% for socially useful causes. If she left with Rs. 1750 at the end of the month, what was her actual income?
Ans:
Let, ₹ x be Sameera’s actual income
According to Question, 90% x + 3% x + 1750 = x
=> (1 – 90/100 – 3/100) = 1750
=> 7x = 175000
=> x = 25,000
∴ Sameera’s actual incomes was ₹25,000
Page 102
Ex:
Mr. Mehta’s annual income is Rs. 4,50,000
* If he does not have any savings by which he can claim deductions from his income, to which slab does his taxable income belong?
Ans: 2,50,000 to 5,00,000
* What is the amount on which he will have to pay income tax and at what percent rate?
Ans:
5% of (450000 – 250000)
= 5% of 2,00,000
* On what amount will be levied?
Ans: Income tax = 5% of 2,00,000
= 5/100 × 2,00,000
= ₹10,000
Page 103
Activity:
Ex:
Mr. Pandit is 75 years of age. Last year his annual income was 13,25,000 rupees. How much is his taxable income? How much tax does he have to pay?
Ans:
13,25,000 – 10,00,000 = 3,25,000
According to the table he must first pay Rs 1,10,000 as income tax. In addition, on 3,25,000 rupees he has to pay 30% income tax.
3,25,000 × 30/100 = 97500 rupees
Therefore, his total income tax amounts to = 1,10,000 + 97,500
= 207500 rupees
Besides this, education was will be 2% of income tax
= 207500 × 2/100= 4150 rupees
Secondary & higher education tax at 1% income tax
= 207500 × 1/100 = 2075 rupees
Total income tax = income tax + education tax + secondary and higher education tax
= 207500 + 4150 + 2075
= 213725 rupees
Practice Set 6.2
(1) Observe the table given below. Check and decide, whether the individuals have to pay income tax.
S. No. | Individuals | Age | Taxable income (₹) | Will have to pay income tax or not |
(i) | Miss Nikita | 27 | ₹ 2,34,000 | |
(ii) | Mr. Kulkarni | 36 | ₹ 3,27,000 | |
(iii) | Miss Mehta | 44 | ₹ 5,82,000 | |
(iv) | Mr. Bajaj | 64 | ₹ 8,40,000 | |
(v) | Mr. Desilva | 81 | ₹ 4,50,000 |
(i) Mis Nikita
Ans: Need not pay income tax
(ii) Mr. Kurlkarni
Ans: Needs to pay income tax
(iii) Miss Mehta
Ans: Needs to pay income tax
(iv) Mr. Bajaj
Ans: Needs to pay income tax
(v) Mr. Desilva
Ans: Need not pay income tax
(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.
Ans:
Given monthly = ₹42,000
∴ Yearly income = ₹42000 × 12 = ₹5,04,000 monthly GPF = ₹3000
Yearly GPF = ₹3000 × 12 = 36,000
NSC = ₹15000
PM’s relief fund = ₹12,000
∴ Total taxable income = ₹[5,04,000 – (36,000 + 15,000 + 12,000)]
= ₹ [5,04,000 – 63,000]
= ₹ 4,41,000
∴ Taxable amount is between 2,50,001 to 5,00,000
∴ Income tax = [441000 – 250000] × 5/100 = ₹9550
Education = 2% of 9550 = ₹191
Secondary & higher education = 1% of 9550 = ₹95.5
∴ Total tax = ₹(9550 + 191 + 95.5)
= ₹ 9836.5
Problem Set 6
(1) Write the correct alternative answer for each of the following questions.
(i) For different types of investments what is the maximum permissible amount under section 80C of income tax?
(A) 1,50,000 rupees
(B) 2,50,000 rupees
(C) 1,00,000 rupees
(D) 2,00,000 rupees
Ans: (A) 1,50,000 rupees
(ii) A person has earned his income during the financial year 2017-18. Then his assessment year is ….
(A) 2016-17
(B) 2018-19
(C) 2017-18
(D) 2015-16
Ans: (B) 2018-19.
(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?
Ans:
Let, x be Mr. Shekhar’s income
A/Q,
60% x + 300 + 3200 = x
= (1 = 60/100) x = 3500
= 4x = 35000
= x = 8750
∴ Mr. Shekhar’s income is ₹8750.
(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?
Ans:
Profit on mutual funds = 3,05,000 – 2,15,000
= ₹90,000
Percentage of profit = 90,000/215000 × 100 = 41.86%
Compound Interest = 1,40,000 (1 + 8/100)^{2} – 1,40,000
= 1,40,000 [(1.08)^{2} – 1]
= ₹23,296
Percentage of interest = 23296/140000 × 100
= 16.64%
∴ Investment in mutual funds is more profitable.
(4) At the start of a year there were Rs. 24,000 in a savings account. After adding Rs. 56,000 to this the entire amount was invested in the bank at 7.5% compound interest. What will be the total amount after 3 years?
Ans:
Given, Total investment = Rs (24,000 + 56,000)
= Rs 80,000
∴ Amount = 80,000 (1 + 7.5/100)^{3}
= 80,000 [1.075]^{3}
= 99383.75
∴ Total amount after 3 years is Rs 99383.75.
(5) Mr. Manohar gave 20% part of his income to his elder son and 30% part to his younger son. He gave 10% of the balance as donation to a school. He still had Rs. 1,80,000 for himself. What was Mr. Manohar’s income?
Ans
Let, x be Mr. Manohar’s income
Balance = x – 20/100 x – 30/100 x = 5/10 x
Donation = 10% of balance = 10/100 (5/10 x) = 5/100 x
According to Question,
5/10 x + 5/100 x + 180000 = x
= (1 – 5/10 – 5/100) x = 180000
=> 45x = 18000000
=> x = 4,00,000
∴ Mr. Manohar’s income is ₹4,00,000
(6) Kailash used to spend 85% of his income. When his income increased by 36% his expenses also increased by 40% of his earlier expenses. How much percentage of his earning he saves now?
Ans:
Let, Kailash salary be 100
∴ Previous expenses = 85% of 100 = 85/100 × 100 = ₹85
New salary = 100 + 36% of 100 = ₹136
= (100 + 40) % of 85
= 140/100 × 85
= ₹119
∴ Total savings = ₹136 – ₹119
= ₹17
∴ Percentage of saving = 17/136 × 100 = 12.5%
(7) Total income of Ramesh, Suresh and Preeti is 8,07,000 rupees. The percentages of their expenses are 75%, 80% and 90% respectively. If the ratio of their savings is 16:17:12, then find the annual saving of each of them.
Ans:
Let, savings of Ramesh, Suresh and Preeti be 16x, 17x and 12x
Expenses of Ramesh = 75% of income
Savings of Ramesh = 25% of income
= 16x = 25/100 (income)
=> income = 64x
Expenses of Suresh = 80% of income
Savings of income = 20% of income
=> 17x = 20/100 (income)
=> income = 85x
Expenses of Preeti = 90% of income
Saving of Preeti = 10% of income
=> 12x = 10/100 (income)
=> 120x = income
∴ Total income = 807000
= 64x + 85x + 120x = 807000
= 296x = 807000
= x = 3000
Savings of Ramesh = 16 × 3000
= ₹48000
Savings of Suresh = 17 × 3000
= ₹51000
Savings of Preeti = 12 × 3000
= ₹36000
(8) Compute the income tax payable by following individuals.
(i) Mr. Kadam who is 35 years old and has a taxable income of Rs. 13,35,000.
Ans:
Taxable income = ₹13,35,000
∴ Income tax = ₹1,12,500 + 30% (₹13,35,000 – ₹10,00,000)
= ₹1,12,500 + 30/100 × 335000
= ₹2,13,000
(ii) Mr. Khan is 65 years of age and his taxable income is Rs. 4,50,000.
Ans:
Taxable income = ₹4,50,000
Income tax = 5% (₹4,50,000 – ₹3,00,000)
= 5/100 (1,50,000)
= ₹7500
(iii) Miss Varsha (Age 26 years) has a taxable income of Rs. 2,30,000.
Ans:
Taxable income = ₹2,30,000
Income tax = 0