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A man's annual income has increased by Rs 5 lakhs but the tax on income that he has to pay has reduced from 12% to 10%. He now pays Rs 10,000more income tax. What is his increased income (in Rs lakhs)?

Correct Answer: 25

A man's annual income has increased by Rs 1.2 lakhs but the tax on income that he has to pay has reduced from 12% to 10%. He now pays the sameamount of tax as before. What is his increased income (in Rs lakhs)?

Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.

A university library budget committee must reduce exactly five of eight areas of expenditure—I, J, K, L, M, N, O and P—in accordance with the following conditions: If both I and O are reduced, P is also reduced.
If L is reduced, neither N nor O is reduced.
If M is reduced, J is not reduced.
Of the three areas J, K, and N exactly two are reduced. Question : If both K and N are reduced, which one of the following is a pair of areas neither of which could be reduced?

A company pays rent of Rs. 25000 per month for office space to its owner. But if the company pays the annual rent at the beginning of the year the owner gives a discount of 5% on the total annual rent. What is the annual amount the company pays to the owner after the discount ?

As a salesperson, Poly can choose one of two methods of annual payment either an annual salary of Tk. 35,000 with no commission or an annual salary of Tk. 10,000 plus a 20 percent commission on her total annual sales. What must her total annual sales be to give her the same annual pay with either method?

A, B and C enter into a partnership. A initially invests Rs. 25 lakhs and adds another Rs. 10 lakhs after one year. B initially invests Rs. 35 lakhs and withdraws Rs. 10 lakhs after 2 years and C invests Rs. 30 lakhs. In what ratio should the profits be divided at the end of 3 years ?

Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning.
Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion.
In the context of the above two statements, which one of the following is correct?

A man pays 5% this annual income as tax. If he paid Tk. 600 as tax last year, what was his annual income?

A and B have their annual average income Rs. 80,000.
B and C have their annual average income Rs. 75,000.
C and A have their annual average income Rs. 78,000. The annual income of A is ?

Read the passage carefully and choose the best answer to each question out of the four alternatives andclick the button corresponding to it.
There is a time in every man's education when he arrives at the conviction that envy is ignorance; that imitation is suicide; that he must take himself for better, forworse, as his portion; that though the wide universe is full of good, no kernel of nourishing corn can come to him but through his toil bestowed on that plot of groundwhich is given to him to till. The power which resides in him is new in nature, and none but he knows what that is which he can do, nor does he know until he hastried. Not for nothing one face, one character, one fact, makes much impression on him, and another none. This sculpture in the memory is not without pre-established harmony. The eye was placed where one ray should fall, that it might testify of that particular ray. We but half express ourselves, and are ashamed ofthat divine idea which each of us represents. It may be safely trusted as proportionate and of good issues, so it be faithfully imparted, but God will not have his workmade manifest by cowards. A man is relieved and gay when he has put his heart into his work and has done his best; but what he has said or done otherwise, shallgive him no peace. It is a deliverance which does not deliver. In the attempt his genius deserts him; no muse befriends; no invention, no hope. According to the author, God is not looking for _____ to manifest his works.