Question

The rate of income tax increases from 15.2% to 20.9%.due to this gaurav had to pay 5.55% more tax than previous year but simultaneously income of gaurav also decreases by 18400 rs. Find income of gaurav last year?

Answer 1

The income of Gaurav was Rs. 58,762 last year.

Step-by-step explanation:

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

Let the last year's income of Gaurav was = x

Then the tax on this income = $x(\frac{15.2}{100})$ = 0.152x

Let the income this year = y

This year rate of income tax = 20.9%

Therefore, income tax this year = $y(\frac{20.9}{100})$  = 0.209y

Gaurav paid 5.55% more tax this year so the tax this year = 5.55% of 0.152x = 0.0084436x

Now the equation becomes

0.152x - 0.209y = 0.0084436x

0.152x - 0.0084436y = 0.209y

0.1435564x = 0.209y

x = 1.455874y ---------------(1)

Simultaneously income of Gaurav decreased by 18400.

So the equation will be

x - y = 18400 -----------------(2)

From equation (1) and equation (2)

1.455874 - y = 18400

0.455874y = 18400

y = 40362

From equation (1),

x - 40362 = 18400

x = 40362 + 18400

x = 58762

The income of Gaurav was Rs. 58,762 last year.

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Answer 2

Answer:

79200

Step-by-step explanation:

Take the ratio of tax 18:19, using the fraction of given increment 5.55%.