Latest Elitmus Aptitude Question SOLUTION: a country is thought of applying new income tax rule, in which tax has to be paid in fixed and variable rate. for those whose income is 40000 pa has to pay fixed amount and for tho

• Placement Papers
• /
• Elitmus

Elitmus Question Papers:

(#M40030592) ELITMUS question quant Keep an EYE

a country is thought of applying new income tax rule, in which tax has to be paid in fixed and variable rate. for those whose income is 40000 pa has to pay fixed amount and for those whose income is more than 40000 in variable. mr a pays 11550 for 65000 & b 13500 for 85000.for 170000 how much he have to pay

Asked In Elitmus kumar shubham (10 years ago)

Unsolved Read Solution (4)

Is this Puzzle helpful?   (2)   (1) Submit Your Solution

Read Solution (4) :

Mahesh  (10 years ago)

First we will try to find the rate of variable rate of tax and then the amount of fixed tax.
The rate of variable tax can be found out by considering the two fiven income.
The difference between the incomes is Rs.20000 (85000-65000)
The difference between taxes is Rs.2000 ( 13500-11500)

Mr.B is paying Rs.200 tax more because of his extra income of Rs.2000
So, tax rate is 10% (2000/20000) for income over Rs.40000

To find the fixed tax, we will consider one of the two persons, lets say A
He is paying Rs.11500 for an income of Rs.65000
His income over Rs.40000 is Rs.25000
For Rs.25000, his tax is Rs.2500
The fixed tax is Rs.11500 - Rs.2500 = Rs.9000

So, for an income of Rs.170000, the tax will be
Rs. 9000 for the first Rs.40000 income
10% of the next income, that is (170000-40000) = 130000, the tax here is Rs.13000
So, total tax is Rs.22000

Is this solution Helpfull? Yes (29) | No (8)  

RAKESH  (10 years ago)

let fix tax x% & variable tax y%
then
400x+250y=11550
and 400x+450y=13500
subtract 1st eqn from 2nd
200y=1950
or y=9.75
so fixed tax for 40000=400x=11550-250y=9112.5
for 170000,tax=400x+130000*9.75/100=9112.5+12675=21787.5

Is this solution Helpfull? Yes (25) | No   

Md Inamul Haque  (10 years ago)

fix tax for 40,000 is 9112.50
and a 9.75% of exceed amount from 40000.
hence for 170000 fixed amount is 9112.50 and 9.75% of 130000 is 12675.00, Hence total amount to be paid = Rs 21,787.50 /- (Final Answer)

Is this solution Helpfull? Yes (1) | No   

Rohit Kumar  (10 years ago)

22562.5 total tax as for 20000 tax is 1950 so for 85000 it will be

Is this solution Helpfull? Yes | No (1)  

Please Login to Read Solution.