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Nawazuddin Siddique in his struggling days worked as a chemist in a petrochemical company, where his annual income was increased by 5 lakhs, but the tax on the income that he had to pay has been reduced from 12% to 10%. Then he pay Rs. 10000 more income tax. What was his increased income? 

Nawazuddin Siddique in his struggling days worked as a chemist in a petrochemical company, where his annual income was increased by 5 lakhs, but the tax on the income that he had to pay has been reduced from 12% to 10%. Then he pay Rs. 10000 more income tax. What was his increased income?  Correct Answer 25 lakhs

Given∶

His annual 

income was increased by 5 lakhs.

But the tax on the income that he had to pay has been reduced from 12% to 10%.

He pay Rs. 10000 more income tax.

Formula Used∶

Basics of percentage.

Calculation∶

Let the original income be Rs. x.

New income = x + 500000

Income tax paid when tax is 12% = 0.12x

Income tax paid now when tax is 10% = (x + 500000) × 0.1 = 0.1x + 50000

Difference between both Income taxes = 10,000

0.1x + 50000 - 0.12x = 10000 

⇒ 0.02x = 40000

⇒ x = 40000 / 0.02

⇒ x = 2000000

Original income = x = Rs. 2000000

So, Increased income = x + 500000 = 2000000 + 500000 = Rs. 2500000

∴ His increased income was Rs. 25 lakhs.

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