The monthly income of Ram is Rs 40,000. If he paid Rs 8,000 as income tax. Find the rate of income tax.

Question

asked Jun 28, 2023 141k views

1 Answer

Krizna · Answer 1 · 2023-07-04T20:27:33+0000

Hello!

Rate of income tax = Tax paid / Monthly income

⇒ Rate = 8,000 / 40,000

⇒ Rate = 0.2

⇒ Rate = 20%

∴ The rate of income tax is 20%.