Income of a person is Rs. 50,000. He pays income tax at the rate of 15%. Find the amount of income tax.
A
750 Rupees
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B
7500 Rupees
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C
1500 Rupees
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D
75 Rupees
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Solution
The correct option is B 7500 Rupees Income = Rs 50000 Income Tax = 15 % Thus, income tax = Rs 15% of 50000 = 15100×50000 = Rs 7500 Thus, income tax paid is Rs7500