Question
Download Solution PDFSuhani pays tax at the rate of 30% on her entire income of Rs. 90,000 and Ritika pays tax at the rate of 40% on her entire income of Rs. y. If the overall tax rate on their combined income comes to 37%, then what is the value of y?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Suhani tax rate = 30%
Suhani income = Rs.90000
Ritika tax rate = 40%
Calculation:
According to the question:
⇒ (90000 × 30%) + (y × 40%) = (90000 + y) × 37%
⇒ 27000 + y × 40% = 33,300 + y × 37%
⇒ y × 3% = (33300 - 27000)
⇒ y = (6300 × 100)/3
⇒ y = 210000
∴ The correct answer is 210000.
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