NCERT solutions for Income – Class 9 explain the meaning, types, and sources of income in simple terms. These solutions help students strengthen their basics for exams and also develop financial literacy that is useful in real life.
What is Income Class 9 NCERT Solutions
I. Choose the correct answer.
Q. Cash is the lifeblood of any business.
a) Cash
b) Labour
c) Material
Q. Income may be defined as the true increase in the amount of wealth.
a) Decrease
b) Increase
c) Static value
Q. What we receive in our pay cheque for the work we did in the office is called net pay.
a) Gross pay
b) Net pay
c) Deductions
Q. For most working people, taxes are the biggest deduction.
a) taxes
b) incomes
c) allowances
Q. Indirect tax is the tax imposed by the government on one person and paid by another person.
a) The same person
b) Another person
c) The government
II. Fill in the blanks.
Q. __ income is the amount you earn for working at the office.
Q. Income tax is a fee or levy charged by the government on the _ earned by an individual.
Show Answer ⟶Q. Taxes can be classified into two, namely _ and _.
Show Answer ⟶Q. __ is the subtraction from the gross pay.
Show Answer ⟶Q. __ means ‘money coming in’.
Show Answer ⟶III. Match the following.
- Income – Increase in wealth
- Tax – Fees charged on income by the government.
- Net Pay – Take-home pay
- Gross deduction – Subtraction from salary income
- Cash – the lifeblood of business
IV. True or false.
Q. A budget is a plan for managing money during a given period of time.
Show Answer ⟶Q. Income can be received in cash only.
Show Answer ⟶Q. When you get money on your birthdayfrom your friend, it is an income.
Show Answer ⟶Q. Direct tax is the tax imposed by the government on one person and paid by another person.
Show Answer ⟶Q. Winnings from lotteries, card games, etc., are to be treated as income.
Show Answer ⟶V. Answer the following briefly.
Q. What do you mean by income?
Answer: Income is money coming in. Income is the money earned, whether from salary, business, profession, renting a property, sale of assets, gifts, interest on deposits or any other source.
Q. What do you mean by gross income?
Answer: Gross income is the total amount of income from the salary, including PF, HR, other allowances, etc.
Q. What is disposable income?
Answer: Deductions from your salary leave you with net pay, also called take-home pay or disposable income. It is an amount you actually receive.
Q. Write a short note ‘Net Pay’.
Answer: Net income is the income after subtracting the deductions allowed under the provision of the Income Tax Act.
Q. What is a tax?
Answer: Taxes are fees placed on income, property or goods to support government programmes. These programmes may be at a local, state or central level. These taxes pay for a variety of services we all appreciate and use, like the armed forces, road maintenance, railways, etc. Taxes are classified into two types: direct tax and indirect tax.
VI. Answer in detail
Q. How do taxes and other deductions affect your income? Explain.
Answer: Your income starts with your gross pay—the total amount you earn before any deductions. But what you actually take home is called net pay, which is gross pay minus deductions. There are multiple types of deductions in income, like income tax, provident fund, professional tax, insurance premiums and loan repayments.
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