Maharashtra Board Class 9 Maths Chapter 6 Set 6.2 Algebra Standard Part 1 Financial Planning Solutions

Question 1. Observe the table given below. Check and decide, whether the individuals have to pay income tax.
 

Answer: i. Miss Nikita's age = 27 years < 60 years Miss Nikita's income = Rs. 2,34,000 Miss Nikita's income is below the basic exemption limit of Rs. 2,50,000.
\( \implies \) Miss Nikita will not have to pay income tax.
(No)
ii. Mr. Kulkarni's age 36 years < 60 years Mr. Kulkarni's income = Rs. 3,27,000 Mr. Kulkarni's income is above the basic exemption Limit of Rs. 2,50,000.
\( \implies \) Mr. Kulkarni will have to pay income tax.
(Yes)
iii. Miss Mehta's age = 44 years < 60 years Miss Mehta's income = Rs. 5,82,000 Miss Mehta's income is above the basic exemption limit of Rs. 2,50,000.
\( \implies \) Miss Mehta will have to pay income tax.
(Yes)
iv. Mr. Bajaj's age = 64 years (Age 60 to 80 years) Mr. Bajaj's income = Rs. 8,40,000 Mr. Bajaj's income is above the basic exemption Limit of Rs. 3,00,000.
\( \implies \) Mr. Bajaj will have to pay income tax.
(Yes)
v. Mr. Desilva's age = 81 years > 80 years Mr. Desilva's income = Rs. 4,50,000 Mr. Desilva's income is below the basic exemption limit of Rs. 5,00,000.
\( \implies \) Mr. Desilva will not have to pay income tax.
(No)

In simple words: This question requires checking whether individuals' income exceeds the basic exemption limits based on their age category. If the taxable income is below the limit, no tax is paid; otherwise, tax is applicable.

🎯 Exam Tip: Remember the basic exemption limits for different age groups (below 60, 60-80, above 80 years) as they are crucial for determining tax liability.

Question 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 12,000 to the PM's Relief Fund. Compute his income tax.
Answer: Mr. Kartarsingh's monthly income = Rs. 42,000 Mr. Kartarsingh's yearly income = \( 42,000 \times 12 = \) Rs. 5,04,000 Mr. Kartarsingh's investment = GPF + NSC = \( (3000 \times 12) + 15,000 \) = \( 36,000 + 15,000 \) = Rs. 51,000 Donation to PM's relief fund = Rs. 12,000
\( \implies \) Taxable income = yearly income - (investment + donation) = \( 5,04,000 - (51,000 + 12,000) \) = \( 5,04,000 - 63,000 = \) Rs. 4,41,000 Mr. Kartarsingh income falls in the slab 2,50,001 to 5,00,000.
\( \implies \) Income tax = 5% of (Taxable income - 250000) = 5% of (4,41,000 - 2,50,000) = \( \frac{5}{100} \times 1,91,000 \) = Rs. 9550 Education cess = 2% of income tax = \( \frac{2}{100} \times 9550 \) = 191 Secondary and Higher Education cess = 1% of income tax = \( \frac{1}{100} \times 9550 \) = 95.50 Total income tax = Income tax + Education cess + Secondary and higher education cess = \( 9550 + 191 + 95.50 \) = Rs. 9836.50
\( \implies \) Mr. Kartarsingh's income tax is Rs. 9836.50
In simple words: To calculate income tax, first determine the yearly income, then subtract eligible investments and donations to find the taxable income. Based on the tax slab for the taxable income, calculate the income tax, and finally add education cess and secondary & higher education cess.

🎯 Exam Tip: Pay close attention to the various deductions (GPF, NSC, donations) and the specific tax slab rates, as they directly impact the final income tax calculation.

Maharashtra Board Class 9 Maths Chapter 6 Financial Planning Practice Set 6.2 Intext Questions And Activities

Question 1. Use Table I given above and write the appropriate amount/figure in the boxes for the example given below. (Textbook pg. no. 102) Mr. Mehta's annual income is Rs. 4,50,000
(i) If he does not have any savings by which he can claim deductions from his income, to which slab does his taxable income belong ?
(ii) What is the amount on which he will have to pay income tax and at what percent rate? on ______ percentage ______
(iii) On what amount will the cess be levied? ______
Answer:
(i) Rs. 2,50,001 to Rs. 5,00,000
(ii) 5% of \( (4,50,000 - 2,50,000) \) i.e. 5% of Rs. 2,00,000
(iii) income tax = 5% of 2,00,000 = \( \frac{5}{100} \times 2,00,000 \) = Rs. 10,000
\( \implies \) Education cess and Secondary and higher education cess will be levied on the income tax i.e., on Rs. 10,000.
In simple words: Given Mr. Mehta's income and no deductions, we determine his tax slab, calculate the taxable amount at the specified rate, and then identify the amount on which cess is applied.

🎯 Exam Tip: Clearly identify the taxable income amount after deductions and the correct tax slab to apply the correct percentage for income tax calculation. Cess is typically calculated on the income tax itself.

Question 2. Use table lito carry out the following activity. Mr. Pandit is 75 years old. Last year his annual income was Rs. 13,25,000. How much is his taxable income? How much tax does he have to pay? (Textbook pg. no. 103)
Answer: Mr. Pandit's age = 75 years (Age 60 to 80 years) Mr. Pandit's income is more than 10,00,000. According to the table, Income tax = \( 1,10,000 + 30 \% \) of (taxable income - 10,00,000) Taxable income - 10,00,000 = \( 13,25,000 - 10,00,000 = 3,25,000 \) In addition, on 3,25,000 rupees he has to pay 30% income tax. \( 3,25,000 \times \frac{30}{100} = \) Rs. 97500 Therefore, his total income tax amounts to \( 1,10,000 + 97,500 = \) Rs. 207500 Besides this, education cess will be 2% of income tax \( 207500 \times \frac{2}{100} = \) Rs. 4150. A secondary and higher education cess at 1% of income tax = \( 207500 \times \frac{1}{100} = \) Rs. 2075.
\( \implies \) Total income tax = Income tax + education cess + secondary and higher education cess = \( 207500 + 4150 + 2075 \) = Rs. 2,13,725
In simple words: For Mr. Pandit, given his age and income, we first find his taxable income by subtracting the highest non-taxable income for his slab. Then, we apply the percentage tax rate for the remaining taxable amount and add the fixed tax for the lower slab. Finally, we add education cess and secondary & higher education cess to the total income tax.

🎯 Exam Tip: For individuals in higher income brackets, remember to calculate the tax on different income segments as per the progressive tax slab structure and then add all components, including various cesses, to find the final tax payable.