(b)i. Upul has to be paid Rs. 1400 rates per quarter for his business building located within a municipalarea. Find the assessed value of the building if the rate of annual assessed tax levied by themunicipal council is 8 %.ii. The municipal council will deduct 10 % of total assessed tax for the year if paid in total before 31stof January of that year. If Upul pays the above tax in total before 31st of January find the amount ofassessed tax he will pay
Question
(b)i. Upul has to be paid Rs. 1400 rates per quarter for his business building located within a municipalarea. Find the assessed value of the building if the rate of annual assessed tax levied by themunicipal council is 8 %.ii. The municipal council will deduct 10 % of total assessed tax for the year if paid in total before 31stof January of that year. If Upul pays the above tax in total before 31st of January find the amount ofassessed tax he will pay
Solution
i. The annual rate that Upul has to pay is Rs. 1400 per quarter, which means Rs. 1400 * 4 = Rs. 5600 per year. If the rate of annual assessed tax levied by the municipal council is 8%, we can find the assessed value of the building by dividing the annual rate by the tax rate.
So, Assessed value = Annual rate / Tax rate = Rs. 5600 / 0.08 = Rs. 70,000
ii. If the municipal council will deduct 10% of total assessed tax for the year if paid in total before 31st of January, we can find the amount of assessed tax Upul will pay by subtracting 10% from the annual rate.
So, Assessed tax = Annual rate - (Annual rate * 10%) = Rs. 5600 - (Rs. 5600 * 0.10) = Rs. 5040
Therefore, if Upul pays the tax in total before 31st of January, he will pay Rs. 5040.
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