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%.
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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