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A discount is a deduction from the general price of goods or services. It means an item is sold at a price that is lower as compared to the usual price. Discounts are usually represented as percentages. However, it may also be a fixed amount off on the original price of goods or services.
Discounts are of different types. Quantity discount is where you get a discount based on the number of items you purchase. Suppliers usually offer trade discounts to their distributors. The discount may help the distributor adjust the prices of the goods so that all the items are sold. You have promotional discounts that are a popular sale promotion technique. For example, get 15% off on the purchase of a shirt or the buy one get one free offer.
You have a percentage discount on an item that is shown as an amount per hundred. A percentage discount of 10% means an item that originally costs Rs 1,000 is now available for Rs 900. You have saved Rs 100 on the purchase.
The cash discount is a popular incentive that is offered by retail stores to shoppers as a direct price-off incentive on purchases. It is offered as an immediate cash discount or even on the use of a coupon code. Retail stores use cash discounts to propagate a sense of urgency as the offers are available for a limited number of days.
A discount calculator is a utility tool that shows you the price of goods and services after a discount and also the amount you save. The discount may be a fixed amount off or a percentage discount.
The discount calculator consists of a formula box, where you enter the price before the discount, the discount as a percentage or an amount. The discount calculator shows you the price after the discount and the amount you have saved.
You can calculate the discount as a percentage as follows. For example, you may want to calculate the sale price of a shirt that regularly costs Rs 1,000.
If the shirt is 20% off, you must convert 20% to a decimal (20/100 = 0.2). You have Rs 1,000 * 0.2 = Rs 200. You then subtract the discount from the original price as Rs 1,000 – Rs 200 = Rs 800. The shirt is on sale for Rs 800. You have saved Rs 200 on the purchase of the shirt.
You can calculate the discount as a fixed amount as follows. For example, you have a discount of Rs 300 on a shirt that costs Rs 1,500. The price after the discount is Rs 1,200. The discount percentage is:
= 300/1500 = 20% (amount of discount/Cost of the shirt).
The ClearTax Discount Calculator shows the price of an item after a discount.
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