man's annual income has increased by Rs 5 lakhs but the tax on income that he has to pay has reduced from 12% to 10%. He now pays Rs 10,000
more income tax. What is his increased income (in Rs lakhs)?
Answers
Answer:
Increased income of that man is Rs 25 lakhs.
Step-by-step explanation:
Let the original annual income was Rs a and at that time man was paying 12% of his annual income as tax.
It means :
He was paying 12% of Rs a as tax.
According to the question :
Man's annual income has been increased by Rs 5 lakh.
It means :
Present annual income of that man = Original annual income + Increase = Rs a + Rs 5,00,000 = Rs ( a + 5,00,000 ).
Also, his tax has been reduced to 10%.
It means :
He is paying a tax 10% of Rs ( a + 5,00,000 )
Also, given in the question that he pays 10,000 rupees more than before as tax.
It means :
= > Tax being paid before = Tax being paid now - Rs 10,000.
From above :
= > 12% of Rs a = 10% of Rs( a + 5,00,000 ) - Rs 10,000
= > 12 / 100 x Rs a = 10 / 100 x Rs ( a + 5,00,000 ) - Rs 10,000
= > 12a / 100 = ( a + 500000 ) / 10 - 10000
= > 12a / 100 = ( a + 500000 - 100000 ) / 10
= > 12a / 10 = a + 400000
= > 6a / 5 = a + 400000
= > 6a = 5a + 2000000
= > 6a - 5a = 2000000
= > a = 2000000
Hence his annual income was Rs 20 lakhs.
Therefore,
His present annual income is Rs 20 lakhs + 5 lakh = Rs 25 lakh
Answer:
Step-by-step explanation:
Let the previos income is x :
Income Rate
x 12%
x+5L 10%
--------------------------------------------------
=10000 more he pays the tax.
Now apply the eqaute trick to form an equation easily.
