The monthly income of Rajendra will be 20000 rupees.
What is income?
Income, which is typically stated in monetary terms, is the spending and saving opportunity acquired by an entity within a given duration. Conceptually, income is hard to define, and different fields may have distinct definitions.
Given that Rajendra pays Rs. 3,000 income tax yearly. If his tax-free allowance is Rs. 2,50,000 per year and his income tax rate is 15%.
The income will be calculated as below:-
15% of x ⇒ 3000
1% of x ⇒ 3000 / 15
100% of x ⇒ ( 3000 x 100 ) / 15
x = 2000
Therefore, their monthly income of Rajendra will be 2000 rupees.
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