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Question
A company pays a dividend of 15% on its ten-rupee shares from which it deducts tax at the rate of 22%. Find the annual income of a man, who owns one thousand shares of this company.
Solution
No. of shares = 1000
Face value of each are = Rs.10
Rate of dividend = 15%,
Rate of tax deducted = 22%
Total face value of 1000 shares
= Rs.10 x 1000
= Rs.10000
Total dividend
= Rs.10000 x `(15)/(100)`
= Rs.1500
Tax deducted at the rate of 22 %
= `"Rs."1500 xx (22)/(100)`
= Rs.330
Net annual income
= Rs.1500 - Rs.330
= Rs.1170.
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