Class 9 MAHARASHTRA STATE TEXTBOOK BUREAU Solutions Maths Chapter 6 - Financial Planning

Let Alka's monthly income be Rs. x.

Since, Alka spends 90% of the money that she receives every month.

∴ Amount spent by Alka = 90% of x

Now, Savings = Income - Expenditure

∴ 120 = x - 0.9x

∴120 = 0.1 x

Thus, Alka gets Rs. 1200 monthly.

Original capital borrowed by Sumit = Rs. 50000

Sumit suffered a loss of 20% in his food products business in the first year.

∴ Loss suffered in the first year = 20% of 50000

Remaining capital = Original capital - loss suffered

= 50000- 10000

= Rs. 40000

Sumit invested the remaining capital i.e. Rs. 40,000 in a new sweets business and he made a profit of 5%.

∴ Profit made in sweets business = 5% of 40000

New capital with Sumit after the profit in new sweets business

= 40000 + 2000

= Rs. 42000

Since, the new capital is less than the original capital, we can conclude that Sumit suffered a loss.

Total loss on original capital = Original capital - New capital

= 50000 - 42000

= Rs. 8000

Let the monthly income of Nikhil be Rs x.

Since, Nikhil invested 14% in shares and deposited 3% in a bank.

∴ Total investment = (14% + 3%) of x

= 17% of x

Nikhil spent 5% on his children's education and used 40% for his daily expenses.

∴ Total expenditure = (5% + 40%) of x

= 45% of x

Amount left with Nikhil = Income - (Total investment + Total expenditure)

Since, amount left with Nikhil is 19,000

∴ 19000 = x - (0.17x + 0.45x)

∴ 19000 = x - 0.62x ,

∴ 19000 = 0.38x

∴ The monthly income of Nikhil is Rs. 50000.

For Mr. Sayyad:

P = Rs. 40000, R = 8%, n = 2 years

Compound interest (I) = Amount (A) - Principal (P)

∴ Mr. Sayyad's percentage of profit Interest

For Mr. Fernandes

Amount invested in mutual fund = Rs. 120000

Amount received after 2 years = Rs. 192000

∴ Profit earned by Mr. Fernandes

= Amount received - Amount invested

= 192000- 120000

= Rs. 72000

∴ Mr. Fernandes percentage of profit Profit earned

= 60%

∴ Investment of Mr. Fernandes turned out to be more profitable.

Let the actual income of Sameera be Rs. x.

Sameera spent 90% of her income and donated 3%.

∴ Sameera's total expenditure

= (3% + 90%) of x

= 93% of x

Now, Savings = Income - Expenditure

∴ 1750 = x - 0.93x

∴ 1750 = 0.07x

∴ The actual income of Sameera is Rs. 25000.

(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.

∴ Miss Nikita will not have to pay income tax.

(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.

∴ Mr. Kulkarni will have to pay income tax.

(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.

∴ Miss Mehta will have to pay income tax.

(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.

∴ Mr. Bajaj will have to pay income tax.

(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.

∴ Mr. Desilva will not have to pay income tax.

Mr. Kartarsingh's monthly income is Rs. 42,000

Mr. Kartarsingh's yearly income = 42,000 × 12 = Rs. 5,04,000

Mr. Kartarsingh's investment

= GPF + NSC

= (3000 x 12)+ 15,000

= 36,000 + 15,000

=Rs. 51,000

Donation to PM's relief fund = Rs. 12, 000

∴ 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.

∴ Income tax = 5% of (Taxable income - 250000)

= 5% of (4,41,000 - 2,50,000)

Education cess = 2% of income tax

Secondary and Higher Education cess = 1% of income tax

Total income tax = Income tax + Education cess + Secondary and higher education cess

= 9550 + 191 + 95.50

= Rs. 9836.50

∴ Mr. Kartarsingh's income tax is Rs. 9836.50.

(A)

For different types of investments, the maximum permissible amount under section 80C of income tax Rs. 1,50,000.

(B)

A person has earned his income during the financial year 2017-18. Then his assessment year is 2018-19.

Let the income of Shekhar be Rs. x.

Since, Shekhar spends 60% of his income.

∴ Shekhar's expenditure = 60% of x

∴ Amount remaining with Shekhar = (100 - 60)% of x

= 40% of x

Now, he donates Rs. 300 to an orphanage from the balance left with him.

∴ Amount left with Shekhar = 0.4x - 300

Now, the amount left with him is Rs. 3200.

∴ 3200 = 0.4x - 300

∴ 0.4x = 3500

∴ The income of Mr. Shekhar is Rs. 8750.

For Mr. Hiralal:

Amount invested in mutual fund = Rs. 2,15,000

Amount received = Rs. 3,05,000

∴ Mr. Hiralal's profit = Amount received - Amount invested

= 305000 - 215000

= Rs. 90000

Mr. Hiralal's percentage of profit

= 41.86%

For Mr. Ramniklal:

P =Rs. 140000, R = 8%, n = 2 years

∴ Compound interest (I) = A - P

= 140000 [(1 + 0.08)2 - 1]

= 140000 [ (1.08)2 - 1]

= 140000(1.1664 - 1)

= 140000 x 0.1664

= Rs. 23296

∴ Mr. Ramniklal's percentage of profit

∴ The percentage gains of Mr. Hiralal and Mr. Ramniklal are 41.86% and 16.64% respectively, and hence, Mr. Hiralal's investment was more profitable.

Here, P = 24000 + 56000 = Rs. 80000, R = 7.5%, n = 3 years

Total amount after 3 years

= 80000 (1 + 0.075)³

= 80000 (1.075)³

= 80000 × 1.242297

= 99383.76

∴ The total amount after 3 years is Rs. 99383.76.

Let the income of Kailash be Rs. x.

Kailash spends 85% of his income.

∴ Kailash's expenditure = 85% of x

Kailash's income increased by 36%.

∴ Kailash's new income = x + 36% of x

Kailash's expenses increased by 40%.

∴ Kailash's new expenditure = 0.85x + 40% of 0.85x

∴ Kailash's new saving = Kailash's new income - Kailash's new expenditure

= 1.36x - 1.19x

= 0.17x

Percentage of Kailash's new saving

= 12.5%

∴ Kailash saves 12.5% of his new earning.

Let the annual income of Ramesh, Suresh and Preeti be Rs x, Rs. y and Rs. z respectively.

Since, total income of Ramesh, Suresh and Preeti = Rs. 8,07,000

∴ x + y + z = 807000 … (I)

Now, the percentages of their expenses are 75%, 80% and 90% respectively.

∴ Savings of Ramesh = (100 - 75)% of x

= 25% of x

∴ Savings of Ramesh … (II)

Savings of Suresh = (100 - 80)% of x

= 20% of y

∴ Savings of Suresh … (III)

Savings of Preeti = (100 - 90)% of x

= 10% of z

∴ Savings of Preeti … (IV)

Ratio of their savings = 16 : 17 : 12

Let the common multiple be k.

Savings of Ramesh = Rs. 16 k … (Given)

∴ x = 64k … (V)

Savings of Suresh = Rs. 17 k … (Given)

∴ y = 85k … (VI)

Savings of Preeti = Rs. 12 k … (Given)

∴ z = 120k … (VII)

From (I), (V), (VI) and (VII), we get

64k + 85k + 120k = 807000

∴ 269k = 807000

∴ k = 807000/269

∴ k = 3000

∴ Annual saving of Ramesh = 16k

= 16 × 3000

= Rs. 48,000

Annual saving of Suresh = 17k

= 17 × 3000

= Rs. 51,000

Annual saving of Preeti = 12k

= 12 × 3000

= Rs. 36,000

∴ The annual savings of Ramesh, Suresh and Preeti are Rs. 48,000, Rs. 51,000 and Rs. 36,000 respectively.

(i)

Mr. Kadam is 35 years old and his taxable income is Rs. 13,35,000.

Mr. Kadam's income is more than Rs. 10,00,000.

∴ Income tax = Rs. 1,12,500 + 30% of (taxable income - 10,00,000)

= Rs. 1,12,500 + 30% of (13,35,000 - 10,00,000)

= 112500 + 100500

= Rs. 213000

Education cess = 2% of income tax

= 2100 × 213000

= Rs. 4260

Secondary and Higher Education cess

= 1% of income tax

Total income tax

= Income tax + Education cess + Secondary and higher education cess

= 213000 + 4260 + 2130

= Rs. 2,19,390

∴ Mr. Kadam will have to pay income tax of Rs. 2,19,390.

(ii)

Mr. Khan's taxable income = Rs. 4,50,000 and his age = 65 years

So, Mr. Khan's income falls in the slab Rs. 3,00,001 to Rs. 5,00,000.

∴ Income tax

= 5% of (taxable income - 300000)

= 5% of (450000 - 300000)

Education cess = 2% of income tax

Secondary and Higher Education cess

= 1 % of income tax

Total income tax = Income tax + Education cess + Secondary and higher education cess

= 7500+ 150 + 75

= Rs. 7725

∴ Mr. Khan will have to pay income tax of Rs. 7725.

(iii)

Miss Varsha's taxable income = Rs. 2,30,000 and her age = 26 years

∴ The yearly income of Miss Varsha is less than Rs. 2,50,000.

Hence, Miss Varsha will not have to pay income tax.

Let the income of Mr. Manohar be Rs. x.

Amount given to elder son = 20% of x

Amount given to younger son = 30% of x

Total amount given to both sons = (20 + 30)% of x = 50% of x

Amount remaining with Mr. Manohar

= (100 - 50)% of x

= 50% of x

He gave 10% of the balance income as donation to a school.

Amount donated to school

= 10% of 0.5x

∴ Amount remaining with Mr. Manohar after donating to school

= 0.5x - 0.05x

= 0.45x

Mr. Manohar still had 1,80,000 for himself after donating to school.

∴ 180000 = 0.45x

∴ The income of Mr. Manohar is Rs. 4,00,000.