Question

The Net Income of a person after paying Income Tax at 5% is Rs.4750. Calculate his Gross Income.

Answer 1

if the persons' gross income is 100, his net income is 95 after paying income tax. When net income is rs, 4750, his gross income is therefore, 4750/ 95 *100, ie., Rs.5000. 

Answer 2

Gross Income = R.s 5,000

Step-by-step explanation:

Given:

Income tax rate = 5% = 5 / 100 = 0.05

Net income after tax = Rs. 4,750

Gross Income = ?

Computation of Gross income:

Net income after tax = Gross Income - Income tax

4,750 = Gross Income - 0.05(Gross Income)

4,750 = 0.95Gross Income

4,750 / 0.95 = Gross Income

Gross Income = 5,000

Therefore, Gross income is R.s 5,000 and income tax is R.s 250

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