34. The salary of a person is increased by 4800 and
the rate of tax is decreased by 2% from 12% to 10%.
tax as before. If in both the cases, the standard tax
deduction is fixed at 20% of the total income, find
The effect is such that he is now paying the
the increased salary?
same
Answers
Answered by
0
28,800 is the increased salary.
Step-by-step explanation:
Let the initial salary be x,
Standard deduction = 20%
Taxable income = x * (100 - 20)/100
= (x * 80)/100
= 4x/5
Tax on the income = 4x/5 * 12/100
= 48x /500
Given that,
Amount by which the salary is increased = 4800
So,
The increased salary = x + 4800
Now,
Taxable income after the increase becomes
= (x + 4800) * 80/100
= (x + 4800) * 4/5
Tax payable after the increase = (x + 4800) * 4/5 * 10/100
= (x + 4800) * 4/50
A.T.Q.
Both the taxes are equal. So,
48x /500 = (x + 4800) * 4/50
⇒ 48x = (x + 4800) * 40
⇒ 48x - 40x = 192000
⇒ 8x = 192000
∵ x = 24000
Thus, the increased salary = x + 4800
= 24,000 + 4800
= 28,800
Hence, 28,800 is the increased salary.
Learn more: Find the rate of tax
brainly.in/question/7501345
Similar questions