Sead-makes an annual income of Rs 50,000,000. If he pays Rs 50,000 in income
tax, what is the income tax rate?
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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
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