Question

Mr. Mishra Earns ₹7,00,000 per annum. After paying his taxes , and spending ₹ 4,50,000 , he saves ₹ 2,10,000. What is the total percentage of tax that he pays on his total income.

• A. ₹4.875%
• B. ₹5.29%
• C. ₹5.71%
• D. ₹6.4%

Answer 1

The correct option is C ₹5.71%

Total earning = ₹7,00,000
Total expenditure = ₹4,50,000
Total savings = ₹2,10,000
Total amount remaining which is paid as taxes = ₹7,00,000 - (210000 + 450000) = ₹40,000
Percentage = $\frac{40000}{700000}\times 100$ = 5.71%