Question

The income of a person is Rs 18,000 per month .due to the exemption of the income of Rs 1,40,000 per year, he has paid Rs 11,400 as an income tax at the end of the year .At what percent per annum has the tax been paid ?​

Answer 1

If the income of a person is Rs 18,000 per month , the exemption of the income is Rs 1,40,000 per year, If he has paid Rs 11,400 as an income tax at the end of the year . The percent per annum of the tax paid is: 15%.

Tax percentage

Given:

Income of a person=Rs 18,000 per month

Exemption income per year=140,000

Income tax paid=11,400

First step is to the calculate the Income per year since the  income of a person is Rs 18,000 per month

Income per year= 18,000 ×12

Income per year=216,000

Second step is to calculate the taxable income

Taxable income=216,000-140,000

Taxable income=76,000

Third step is to calculate  the tax Percentage per annum

Tax percentage=11,400/76,000×100

Tax percentage=15%

Therefore If  he has paid Rs 11,400 as an income tax at the end of the year . The percent per annum of the tax paid is: 15%.

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