Income range (Rs.) Tax slab (Rs.) 0 to 5000 2% of income Greater than 5000 to 10000 100 + 3% of income over 5000 Greater than 10000 to 20000 250 + 5% of income over 10000 Greater than 20000 to 30000 750 + 8% of income over 20000 Greater than 30000 to 50000 1550 + 10% of income over 30000 Greater than 50000 to 100000 3550 + 20% of income over 50000
Calculating Additional Tax on Income Increase
The problem requires finding the difference in tax payable between two different taxable incomes using the provided tax slabs.
Calculating Last Year's Tax (Rs. 22000)
Tax calculation for Rs. 22000 taxable income:
- On first Rs. 5000: $5000 \times 2\% = 5000 \times 0.02 = 100$
- On income from Rs. 5001 to Rs. 10000 (Rs. 5000): $5000 \times 3\% = 5000 \times 0.03 = 150$
- On income from Rs. 10001 to Rs. 20000 (Rs. 10000): $10000 \times 5\% = 10000 \times 0.05 = 500$
- On income from Rs. 20001 to Rs. 22000 (Rs. 2000): $2000 \times 8\% = 2000 \times 0.08 = 160$
Total Tax Last Year = $100 + 150 + 500 + 160 = 910$
Calculating This Year's Tax (Rs. 34200)
Tax calculation for Rs. 34200 taxable income:
- On first Rs. 5000: $5000 \times 2\% = 5000 \times 0.02 = 100$
- On income from Rs. 5001 to Rs. 10000 (Rs. 5000): $5000 \times 3\% = 5000 \times 0.03 = 150$
- On income from Rs. 10001 to Rs. 20000 (Rs. 10000): $10000 \times 5\% = 10000 \times 0.05 = 500$
- On income from Rs. 20001 to Rs. 30000 (Rs. 10000): $10000 \times 8\% = 10000 \times 0.08 = 800$
- On income from Rs. 30001 to Rs. 34200 (Rs. 4200): $4200 \times 10\% = 4200 \times 0.10 = 420$
Total Tax This Year = $100 + 150 + 500 + 800 + 420 = 1970$
Finding the Additional Tax Payable
The additional tax is the difference between this year's tax and last year's tax.
Additional Tax = Total Tax This Year - Total Tax Last Year
Additional Tax = $1970 - 910 = 1060$
Therefore, the additional amount of tax to be paid this year is Rs. 1060.
Important Questions from Analytical Reasoning Drawing Reasonable Inferences from Passages
Identify the title of the poem in which the following lines appear:
"He was found by the Bureau of Statistics to be
One against whom there was no official complaint,
And all the reports on his conduct agree
That, in the modern sense of an old-fashioned word, he was a saint
For in everything he did he served the greater community."
- In Plato's idea of the Republic there is no place for the _________.
- Which of the following novels by Chinua Achebe derives its title from W. B. Yeats's poem “The Second Coming"?
- Identify the commonality shared by the authors of Mansfield Park and Middle March:
"I told you the truth," I say yet again, "Memory's truth, because memory has its own special kind. It selects, eliminates, alters, exaggerates, minimizes, glorifies, and vilifies also; but in the end it creates its own reality, its heterogeneous but usually coherent versions of events; and no sane human being ever trusts someone else's version more than his own."
What are the different ways in which ‘truth' can be understood from the passage?
