ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$112.50
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$2925.00
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$812.50
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$89.38
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Detailed explanation-1: -The formula used for calculating property tax is given below: Property tax = base value × built-up area × Age factor × type of building × category of use × floor factor. Property tax in India depends on the location of a property in question, with taxes varying from state to state.
Detailed explanation-2: -One of the most common percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.
Detailed explanation-3: -What is the formula for salary calculation? Take-home Salary = Gross Salary – Income Tax – Employee’s PF contribution (PF) – Professional Tax. Gross Salary = CTC – Employer’s PF contribution (EPF) – Gratuity. Gratuity = (Basic salary + DA) × 15/26 × No. of years of service.
Detailed explanation-4: -a. Determining Gross Annual Value (GAV) of the property : b. Reduction of Municipal Taxes(property tax): c. Determination of Net Annual Value (NAV): d. Reduction of standard Deduction 30% of Net Annual Value: e. Reduction of home loan interest: f. g. 03-Feb-2023