Mr. Vijay's annual income is Rs. 1,00,000 and Mr. Ajay's annual income is Rs. 1,15,000. How much will each have to pay as income tax if income tax percentage for Mr. Vijay is 10% and for Mr. Ajay it is 7.5%?
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Answered by
1
Answer Mr. Vijay will pay 10,000
Mr. Ajay will pay 11,250
Step-by-step explanation:
Answered by
2
Answer:
Amount Mr. Virmani paid to purchase the house =Rs.365000
Amount he spent on repair =Rs.135000
Total amount he spent on the house (CP)=Rs.(365000+135000)=Rs.500000
SP of the house =Rs.550000
Gain=SP−CP=Rs.(550000−500000)=Rs.50000
Gain%=(Gain/CP)×100=(50000/500000)×100=5000000/500000=10%
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