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Question
A man has 300, Rs. 50 shares of a company paying 20% dividend. Find his net income after paying 3% income tax.
Solution
Nominal value of 1 share = Rs. 50
Nominal value of 300 shares = 300 × 50 = Rs. 15,000
∴ Dividend = 20% of Rs. 15,000
= `20/100 xx 15000`
= Rs. 3,000
∴ Income tax paid = 3% of Rs. 3,000
= `3/100 xx 3000`
= Rs. 90
His net income = Rs. 3,000 – Rs. 90 = Rs. 2,910
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