Question
There is an exemption in income tax up to the first Rs 2
lakh and after that, the remaining amount is taxed at the rate of 20%. If a person paid an income tax of Rs 6320 in a year, then what was the monthly income of the person in that year?Solution
let the taxable amount be x According to Qs – x ×20%=6320 x × 20/100=6320 x=31600 Total yearly income = 200,000+31600 => 231600 Rs Monthly income = 231600/12=19300 =19300…
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