Problem: Mr. X pays 10% tax on all income over Tk. 60,000, but he does not pay any tax on interest on postal savings certificate. In 2000 he paid Tk. 7,500 as tax and he earned Tk. 12,000 as interest on postal savings account. What was net income in 2000?
View all: PREMIER BANK LTD. | OFFICER | WRITTEN QUESTION SOLVE(MATH) | 2003
Correct Answer: Net income 1,39,500 Tk.
Explanation:
10% tax on income over Tk. 60,000
When Mr. X paid Tk. 10 as tax then his income = 100 Tk.
When Mr. X paid Tk. l as tax then his income =10010
Tk.
When Mr. X paid Tk. 7,500 as tax then his income = 75,000
His earnings = 75,000 + 60,000 = 1,35,000
His income = 1,35,000 + 12,000 (as interest on postal saving account)= 1,47,000 Tk.
Total income = 1,47,000Tax = 7,500
Net income = Total income- Tax = 1,39,500 TK
