Question

When the rate of income tax is increased from 10% to 15% a man had to pay Rs 835 more.Find his income.

Answer 1

Answer:

2.5 lakh

Step-by-step explanation:

A 10 per cent tax will be charged on income between Rs 5 and 7.5 lakh, 15 per cent, 20 per cent and 25 per cent on next Rs 2.5 lakh each and 30 per cent on income above Rs 15 lakh." Currently, annual income up to Rs 2.5 lakh is exempt from income tax.

Answer 2

Therefore the income of the man is Rs. 16,700/-.

Given:

The income tax is increased from 10% to 15% then the man had to pay Rs. 835 more.

To Find:

The value of his income.

Solution:

The given question can be solved as shown below.

Let the income of the man = Rs. x

Given that,

The income tax is increased from 10% to 15% then the man had to pay Rs. 835 more.

⇒ 0.15 x = 0.1 x + 835

⇒ 0.05 x = 835

⇒ 835/0.05 = 16,700

Therefore the income of the man is Rs. 16,700/-.

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