when income of man increased by RS 28800.Then Tax rate reduces from 12% to 10% while in both the situation 30% income is tax free . find the initial income if he paid equal tax both the case.?
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Let the man's original income = x in Rs.
Then the taxable income = x−x×10020=54x.
∴ The tax at 12%=54x×10012=125.12x54x×10012=125.12x.
After an increament of Rs1200 his new income=x+1200 in Rs.
Then the taxable income=(x+1200)−(x+1200)×10020=54x+4800.
∴ The tax at 10%= 54x+4800×10010=252x+2400
So, by the given condition,
252x+2400=125.12x.
Or 10x + 12000 = 12x
Or 2x = 12000
Or x = 6000.
∴ His increased income = x + 1200 = Rs ( 6000 + 1200 )
= Rs 7200
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