9. Mr. Jain deposited 40000 as a fixed deposit in a bank at 10% per annum. If
30% is deducted as income tax on the
interest earned, find his annual income
from this deposit.
Hint: Interest on 40000 at 10% p.a.
40000 x 10 x1
100
= 4000
Income tax on this income of * 4000 at 30%
= ₹
4000 x 30
100
= 40 x 30 = 1200
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