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(ie//fMr. X's salary is increased by 20%. On the increase, the tax rate is 10% higher.Findthe percentage of increase in the tax liability |
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Answer» Let his original salary be Rs. 100.Salary after increment = Rs. 120Let the tax on original salary be 20% and now tax on increased salary (Rs. 20) will be 22% i.e. Rs. 4.40.Thus, increase in tax liability = (6.60 /20)/100 = 22% |
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