if man has to pay income tax at rate of 20% of the excess annual income over rs60000,syamal babu received rs 132000 as his annual income deducting income tax.His actual income is?
To find Syamal Babu's actual income, we need to use the given information about the income tax rate and the deducted income tax.
Let's break down the problem step by step:
Step 1: Calculate the excess income over Rs60000
To find the excess income, we subtract Rs60000 from the annual income of Rs132000:
Excess Income = Annual Income - Rs60000
Excess Income = Rs132000 - Rs60000
Excess Income = Rs72000
Step 2: Calculate the income tax
Based on the given information, the income tax rate is 20% of the excess income. Therefore, we need to calculate 20% of Rs72000:
Income Tax = (20/100) * Excess Income
Income Tax = (20/100) * Rs72000
Income Tax = Rs14400
Step 3: Calculate the actual income
To find the actual income, we subtract the income tax from the annual income:
Actual Income = Annual Income - Income Tax
Actual Income = Rs132000 - Rs14400
Actual Income = Rs117600
Therefore, Syamal Babu's actual income is Rs117600.
Taxable amt. = 132,000 - 60,000 = $72,000
Tax = 0.2 * 72000 = $14,400.
Actual Income = 132,000 - 14,400 = $117,600.