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# Income of a person is Rs. 50,000. He pays income tax at the rate of 15%. Find the amount of income tax.(A). Rs. 750(B). Rs. 7500(C). Rs. 1500(D). Rs. 75  Hint- In order to find the amount of income tax, we will use the principal amount and the rate at which income tax is found out. Amount to be paid is $\dfrac{{p \times r}}{{100}}$.

Given that: Income of a person is Rs. 50,000. He pays income tax at the rate of 15%.
We know that
If r % tax is paid on Rs. P, principle amount then the tax amount to be paid is $\dfrac{{p \times r}}{{100}}$.
For the given problem, the principal amount is Rs. 50,000 and rate is 15%.
Amount of income tax:
$= \dfrac{{p \times r}}{{100}} \\ = \dfrac{{50000 \times 15}}{{100}} \\ = 500 \times 15 \\ = Rs.7500 \\$
Hence, the amount of income tax is Rs. 7500.
So, option B is the correct option.

Note- An income tax is a tax imposed on individuals or entities that varies with respective income or profits. Income tax generally is computed as the product of a tax rate times taxable income. In order to find the income tax we just find the percentage given of the sum of money. Students must remember the formula for tax on the basis of percentage.  National Income  Income and Expenditure Account  Where There is a Will There is a Way Essay  Group Theory in Mathematics  The Difference Between an Animal that is A Regulator and One that is A Conformer  Laughter is a Best Medicine Essay  Table of 9 - Multiplication Table of 9  Area of a Sector of a Circle Formula  CBSE Class 9 Maths Formulas  Important Questions for CBSE Class 12 Macro Economics Chapter 2 - National Income Accounting  Important Questions for CBSE Class 12 Macro Economics Chapter 4 - Determination of Income and Employment  Important Questions for CBSE Class 9 Maths Chapter 9 - Areas of Parallelograms and Triangles  NCERT Books for Class 9 Maths Chapter 9  Important Questions for CBSE Class 9 Maths  Important Questions for CBSE Class 9 Science Chapter 9 - Force and Laws of Motion  Important Questions for CBSE Class 9 Maths Chapter 2 - Polynomials  Important Questions for CBSE Class 9 Maths Chapter 15 - Probability  Important Questions for CBSE Class 9 Maths Chapter 4 - Linear Equations in Two Variables  Important Questions for CBSE Class 9 Maths Chapter 6 - Lines and Angles  CBSE Class 10 Hindi A Question Paper 2020  Hindi A Class 10 CBSE Question Paper 2009  Hindi A Class 10 CBSE Question Paper 2015  Hindi A Class 10 CBSE Question Paper 2016  Hindi A Class 10 CBSE Question Paper 2012  Hindi A Class 10 CBSE Question Paper 2010  Hindi A Class 10 CBSE Question Paper 2008  Hindi A Class 10 CBSE Question Paper 2014  Hindi A Class 10 CBSE Question Paper 2007  Hindi A Class 10 CBSE Question Paper 2013  RS Aggarwal Class 9 Solutions Chapter-9 Congruence of Triangles and Inequalities in a Triangle  RS Aggarwal Solutions Class 6 Chapter-9 Linear Equations in One Variable (Ex 9B) Exercise 9.2  RS Aggarwal Solutions Class 10 Chapter 9 - Mean, Median & Mode (Ex 9B) Exercise 9.2  RS Aggarwal Solutions Class 7 Chapter-9 Unitary Method (Ex 9A) Exercise 9.1  RS Aggarwal Solutions Class 10 Chapter 9 - Mean, Median & Mode (Ex 9C) Exercise 9.3  RS Aggarwal Solutions Class 6 Chapter-9 Linear Equations in One Variable (Ex 9C) Exercise 9.3  RS Aggarwal Solutions Class 7 Chapter-9 Unitary Method (Ex 9C) Exercise 9.3  RS Aggarwal Solutions Class 10 Chapter 9 - Mean, Median & Mode (Ex 9D) Exercise 9.4  RS Aggarwal Solutions Class 6 Chapter-9 Linear Equations in One Variable (Ex 9A) Exercise 9.1  RS Aggarwal Solutions Class 10 Chapter 9 - Mean, Median & Mode (Ex 9A) Exercise 9.1  