A tax levied at 10% on first ₹ 1000 of income, 15% on next ₹ 2,000 and 25% on next 3,000 then the tax…
The schedule is progressive, (3): the tax on Rs 6,000 is 10% of 1,000 plus 15% of 2,000 plus 25% of 3,000=Rs 1,150. Average tax is about 19.17%, while the top marginal rate…
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A tax levied at 10% on first ₹ 1000 of income, 15% on next ₹ 2,000 and 25% on next 3,000 then the tax is said to be –
Answer and explanation
Correct answer C
The schedule is progressive, (3): the tax on Rs 6,000 is 10% of 1,000 plus 15% of 2,000 plus 25% of 3,000=Rs 1,150. Average tax is about 19.17%, while the top marginal rate is 25%.
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RPSC Assistant Professor (College Education)