Q. If a person's income increases from Rs 20 lakhs per year to Rs 24 lakhs per year and tax increases from Rs 3,50,000 to Rs 4,00,000 the marginal tax rate is
A) 12.5 percent
B) 8 percent
C) 15 percent
D) 10 percent
✔ Correct Answer: 12.5 percent
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