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A man’s annual income has increased by Rs. 6 lakhs but the tax on income that he has to pay has reduced from 14% to 9%. He now pays Rs.14,000 more income tax. What is his increased income (In Rs. lakhs)?

A man’s annual income has increased by Rs. 6 lakhs but the tax on income that he has to pay has reduced from 14% to 9%. He now pays Rs.14,000 more income tax. What is his increased income (In Rs. lakhs)? Correct Answer 14 lakhs

Given:

Annual income increased by 6 lakhs

Tax reduced from 14% to 9%

Increase in income tax = Rs.14,000 = 0.14 lakhs

Calculation:

Let the original income of man is Rs. x lakhs

Increased income = (x + 6) lakhs

Tax reduced from 14% to 9%

∴ 9% of (x + 6) – 14% of x = 0.14

x = 8 lakhs

⇒ Increased income = (x + 6) lakhs

⇒ (8 + 6) lakhs = 14 lakhs

∴ His increased income is 14 lakhs

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