Step 1: Split the 55% spending into 11 equal parts.
The ratio $4:2:5$ has $4+2+5 = 11$ total parts, and these 11 parts together represent 55% of income, so each single part represents $\frac{55\%}{11} = 5\%$ of income.
Step 2: Find what 1% of income equals.
Clothes take up 2 parts, which is $2 \times 5\% = 10\%$ of income, and this equals Rs.5540. So $1\%$ of income $= \frac{5540}{10} = 554$.
Final Answer:
The full income, that is 100%, equals $554 \times 100 = 55400$. \[ \boxed{Rs.\,55400} \]