Question

the rate of income tax increases from 15.2% to 20.9%. due to this gaurav had to pay 5.555% more tax than the previous year . but simultaneously income of gaurav also decreased by 18400. find previous year income of gaurav.​

Answer 1

Previous year income of Gaurav was Rs. 58762.

Step-by-step explanation:

Rate of income tax increased from 15.2% to 20.9%.

Let the last year income of Gaurav was = a

Then the tax on this income = $a\times \frac{15.2}{100}=0.152a$

Let the income this year = b

This year rate of income tax = 20.9%

Therefore, income tax this year = 0.209b

Gaurav paid 5.555% more tax this year so the tax this year = 5.555% of 0.152a = 0.0084436a

Now the equation becomes

0.152a - 0.209b = 0.0084436a

0.152a - 0.0084436a = 0.209b

0.1435564a = 0.209b

a = 1.455874b ------(1)

Simultaneously income of Gaurav decreased by 18400.

So the equation will be

a - b = 18400 -----(2)

From equation (1) and equation (2)

1.455874 - b = 18400

0.455874b = 18400

b = 40362

From equation (1),

a - 40362 = 18400

a = 40362 + 18400

a = 58762

Therefore, previous year income of Gaurav was Rs 58762.

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