A tax payer is exempted of income tax for the first Rs 100000 of his a

1.	A tax payer is exempted of income tax for the first Rs 100000 of his annual income but for the rest of the income, he has to pay a tax at the rate of 20%. If he paid Rs 3160 as income tax for a year, his monthly income is (a) Rs 11580(b) Rs 103160 (c) Rs 13610 (d) Rs 9650
Answer» (d) Rs 9650 Let the annual income of the person be Rs x, Then, 20% of (x – 1,00,000) = 3160 \(\Rightarrow\)x - 1,00,000 = \(\frac{3160\times100}{20}\) = 15800 \(\Rightarrow\) x = 115800 \(\therefore\) Monthly income = Rs \(\frac{115800}{12}\) = Rs 9650

A tax payer is exempted of income tax for the first Rs 100000 of his annual income but for the rest of the income, he has to pay a tax at the rate of 20%. If he paid Rs 3160 as income tax for a year, his monthly income is (a) Rs 11580(b) Rs 103160 (c) Rs 13610 (d) Rs 9650

Answer»

(d) Rs 9650

Let the annual income of the person be Rs x,

Then, 20% of (x – 1,00,000) = 3160

\(\Rightarrow\)x - 1,00,000 = \(\frac{3160\times100}{20}\) = 15800

\(\Rightarrow\) x = 115800

\(\therefore\) Monthly income = Rs \(\frac{115800}{12}\) = Rs 9650