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Question 92
A man's annual income has increased by Rs 5 lakhs but the tax on income that he has to pay has reduced from 12% to 10%. He now pays Rs 10,000 more income tax. What is his increased income (in Rs lakhs)?
Solution
Starting income=x
New income=x+500000
income tax at 1st=0.12x
Income tax now=(x+500000)*0.1
Difference=10000
0.1x+50000-0.12x=10000
400000=0.02x
x=2000000
x+5=25 lakhs
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