Financial Literacy 10years Analyzed Repeated

Questions By Abhishek Patel

For SEM 1

1. What is financial planning and why is it important?

2. Discuss the various financial products available for

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investment in India.

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3. How do digital payment systems work and what are their advantages?

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4. What are the different types of bank accounts and how do they differ
from one another?

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5. What are the benefits of diversifying your investment portfolio?

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6. What is a tax deduction and how can it reduce your tax bill?
7. What is the difference between a tax credit and a tax deduction?

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8. What is New Tax Regime? How is it different from Old Tax Regime?
9. Explain in detail the different types of life insurance.

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10. What is a mutual fund? Explain the role of mutual funds in personal
investment planning.

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11. Explain the need and importance of buying a health insurance.

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12. Write short notes on

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a) Internet Banking

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b) Ponzi Scheme
c) Importance of Diversification in Risk Management

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d) Online Frauds
e) Financial Discipline

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f) U.P.I
g) Time value of money
h) Permanent Account Number(PAN
13. From the following information related to Mr. Aditya
aged 51years who is resident in India, compute his Total tax
liability under both old tax regime and new tax regime for financial
year2023-24:

Theabhishekpatel
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Solution Calculation of Total Tax Liability for Mr. Aditya

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To compute the total tax liability of Mr. Aditya under both

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the old tax regime and the new tax regime for the financial
year 2023-24, we need to:

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1. Calculate the gross total income.

b
2. Calculate the deductions available under the old tax regime.
3. Compute the taxable income under both regimes.

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4. Calculate the tax liability for both regimes.

Given Information :
1. Gross Total Income: Rs. 24,85,000
2. Investments:
- Investment in Term Deposit of ICICI Bank for 6 years:
Rs. 1,70,000
- Medical Insurance Premium paid on the policy of
dependent children: Rs. 30,000
- Interest on Saving Account in ICICI Bank: Rs. 14,000

Theabhishekpatel
 Old Tax Regime
Old Tax Regime
Deductions
Section 80C:
- Investment in Term Deposit: Rs. 1,70,000 (maximum

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allowable: Rs. 1,50,000)
- Total under 80C: Rs. 1,50,000

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Section 80D:

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- Medical Insurance Premium: Rs. 30,000

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Section 80TTA:

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- Interest on Saving Account: Rs. 10,000 (maximum allowable:
Rs. 10,000)

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Calculation under Old Tax Regime

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1. Gross Total Income: Rs. 24,85,000
2. Deductions:

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- Section 80C: Rs. 1,50,000

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- Section 80D: Rs. 30,000

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- Section 80TTA: Rs. 10,000
- Total Deductions: Rs. 1,90,000

h
3. Taxable Income: Rs. 24,85,000 - Rs. 1,90,000 = Rs.

b
22,95,000
4. Tax Calculation:

A
- Up to Rs. 2,50,000: Nil
- Rs. 2,50,001 to Rs. 5,00,000: 5% of Rs. 2,50,000 = Rs.12,500
- Rs. 5,00,001 to Rs. 10,00,000: 20% of Rs. 5,00,000 = Rs. 1,00,000
- Above Rs. 10,00,000: 30% of Rs. 12,95,000 = Rs. 3,88,500
- Total Tax: Rs. 12,500 + Rs. 1,00,000 + Rs. 3,88,500 = Rs. 5,01,000

5. Cess (4%): 4% of Rs. 5,01,000 = Rs. 20,040

6. Total Tax Liability under Old Regime: Rs. 5,01,000 + Rs.
20,040 = Rs. 5,21,040

New Tax Regime

New Tax Regime
Under the new tax regime, no deductions are allowed, and the
tax slabs are different.

Theabhishekpatel
Calculation under New Tax Regime
1. Taxable Income: Rs. 24,85,000 (no deductions)
2. Tax Calculation:
- Up to Rs. 2,50,000: Nil
- Rs. 2,50,001 to Rs. 5,00,000: 5% of Rs. 2,50,000 = Rs.12,500

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- Rs. 5,00,001 to Rs. 7,50,000: 10% of Rs. 2,50,000 = Rs. 25,000

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- Rs. 7,50,001 to Rs. 10,00,000: 15% of Rs. 2,50,000 = Rs. 37,500

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- Rs. 10,00,001 to Rs. 12,50,000: 20% of Rs. 2,50,000 = Rs. 50,000

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- Rs. 12,50,001 to Rs. 15,00,000: 25% of Rs. 2,50,000 = Rs. 62,500

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- Above Rs. 15,00,000: 30% of Rs. 9,85,000 = Rs. 2,95,500
- Total Tax: Rs. 12,500 + Rs. 25,000 + Rs. 37,500 + Rs. 50,000 + Rs. 62,500 + Rs. 2

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50,000 + Rs. 62,500 + Rs. 2,95,500 = Rs. 4,83,000

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3. Cess (4%): 4% of Rs. 4,83,000 = Rs. 19,320
4. Total Tax Liability under New Regime: Rs. 4,83,000 +

h
Rs. 19,320 = Rs. 5,02,320

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Summary

h
- Total Tax Liability under Old Regime: Rs. 5,21,040
- Total Tax Liability under New Regime: Rs. 5,02,320

b
Mr. Aditya would pay less tax under the new tax regime.

Theabhishekpatel
 For Financial Literacy Numericals

For Time Value of Money

For all types of Financial literacy

First watch this apne concept
Numericals clear karo then watch second
video or tax slab wala ek
numerical solve kiya hai last page
me btw usme latest tax regime
use nhi kiya hun 2023 wala hi hai
vo teacher se ek baar confirm kar
lena kaunsa slab use karna hai
latest ya phir yahi bcz I don't
think ki latest wala use hoga
mostly books me bhi yahi regime
se solve hai if new wala karte hain
toh just change kar lena baki sab
same hai
Chill yaar easy hai just ek baar
notes read kar lena or numericals
ke liye yeah video dekh lena
that's it

Bass bass thanks bolne ki jarurat

nhi hai UPI me paise send kar dena
Elon musk ko kharidna hai 🥲

Theabhishekpatel
Theabhishekpatel
PYQ

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Theabhishekpatel
PYQ

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Theabhishekpatel
 Hey! Listen, don’t stress or overcomplicate
things, okay? Just focus on the notes, PYQs
(previous year questions), and practice
questions. Trust me, less is more. Stick to

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revising these because everything you need is

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already covered in the notes, and nothing will

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come from outside the syllabus I’ve shared.

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So don’t waste time running after extra stuff—

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it’s all right here.

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And hey, don’t feel like you need to know

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everything. Even toppers don’t know every

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single thing—it’s all about how you present

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what you do know. The examiner doesn’t

Aknow how much you studied; they only see

how well you explain. So, if you don’t know
the exact answer, write whatever related
information you can and connect it to the
question. That’s more than enough.

Thanks ❤️