Question

A tax payer is exempted of income tax for the first
Rs 100000 of his annual income but for the rest of the
income, he has to pay a tax at the rate of 20%. If he
paid Rs 3160 as income tax for a year, his monthly
income is

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Answer 1

Answer:

A tax payer is exempted of income tax for the first

Rs 100000 of his annual income but for the rest of the

income, he has to pay a tax at the rate of 20%. If he

paid Rs 3160 as income tax for a year, his monthly

income is Rs 9650

Step-by-step explanation:

Let x be the rest of the income after the first Rs 100000 is deducted.

The tax is 20% of the any amount above the exempted amount.

So, we have:

Annual tax= 20/100 × x = 0.2 x

From the given question, this equals to:

0.2 x = 3160

x = 3160/0.2

x = 15800

The total salary = 100000 + 15800 = Rs 115800

This is annual salary.

Monthly salary is given by:

115800/12 = 9650

Rs 9650