Question
When the income of the man is increase by Rs. 9000 then
tax rate reduces from 18% to 15%. While in both the situation 25% income is tax free. Find his initial income if he paid equal tax in both the cases.Solution
Let the initial income be x. The taxable income is 75% of x, and the tax rate is 18%. So, the tax paid initially is 0.135x. After the income increases by Rs. 9000, the new income is x+9000. The taxable income is 75% of this new amount, and the tax rate becomes 15%. So, the tax paid is 0.1125(x+9000). Since the tax paid in both cases is the same, we set up the equation: 0.135x=0.1125(x+9000) Solving for x, we find that the initial income is Rs. 45,000.
Which ancient university's spirit did PM Modi seek to revive during his Independence Day speech?
How frequently will the Household Consumption Expenditure Survey (HCES) be conducted from 2027–28 onwards?
Which Country hosted a virtual summit of the leaders of the BRICS countries on June 23.
What is the revised upward estimate for bank credit growth surpassing the previous projection in FY24, according to ICRA?
According to a report by the World Bank, India is expected to be the top recipient of remittances in 2023 as inflows increase 12.4 per cent to $125 bill...
According to the data provided by the Reserve Bank of India, bank loans to the services sector grew to _____ in April-December 2022 .
On which date is National Space Day celebrated (commemorating Chandrayaan-3’s soft landing)?
How many quality higher educational institutions (QHEIs) are initially covered under the PM-Vidyalaxmi scheme?
How many of the following statement/statements is/are correct regarding the ‘Ungalai Thedi, Ungal Ooril’ scheme in Tamil Nadu?
1. The scheme ...
RBI has permitted banks from how many countries to open Special Vostro Rupee Accounts (SVRAs)?
