Question : A man's annual income has increased by Rs. 5 lakh, but the tax on income that he has to pay has reduced from 12% to 10%. He now pays Rs. 10,000 more income tax. What is his increased income (in Rs. lakhs)?
Option 1: 20
Option 2: 25
Option 3: 15
Option 4: 10
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Correct Answer: 25
Solution :
Let the previous income of man be Rs. $x$.
Man's new income after increment = Rs. $(x + 500000)$
According to the given condition,
⇒ $(x+500000)×\frac{10}{100}-x×\frac{12}{100}=10000$
⇒ $\frac{10x}{100}+50000-\frac{12x}{100}=10000$
⇒ $\frac{2x}{100}$ = 50000–10000
⇒ $x=\frac{4000000}{2}$
⇒ $x$ = Rs. 20,00,000
His increased income = 20,00,000 + 5,00,000 = Rs. 25,00,000 = Rs. 25 lakhs
Hence, the correct answer is 25.
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