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Firstly if a person has 50,000 salary PM then how much tax he has to pay, according to me the amount of tax will be 833 pm but I asked the same question with a tax practitioner he told me the amount will be 667, so I would like to ask from any concerned person which amount we have to pay in the government treasury.
Secondly what is the tax exemption amount for salaried person is it 400,000 or 450,000.
please help
(11-23-2014 09:52 AM)genius007ufo Wrote: [ -> ]Firstly if a person has 50,000 salary PM then how much tax he has to pay, according to me the amount of tax will be 833 pm but I asked the same question with a tax practitioner he told me the amount will be 667, so I would like to ask from any concerned person which amount we have to pay in the government treasury.
Secondly what is the tax exemption amount for salaried person is it 400,000 or 450,000.
please help

Ans: Tax Laws give us 10 % Exemption in Medical Allowance, So we will gain this opportunity,now our per month salary is 45,000 Per Month ( 90 % of 50,000)
= 45,000 * 12 = 540,000 Yearly Income
= 0 - 400,000 = Exempt
= 400,000 to 750,000 = 10 %
= 140,000 * 10 % = 14,000 / 12 = 1166 Per Month
A little correction i think;

Where the taxable income exceeds Rs 400,000 but does not exceed Rs 750,000 (5% of the amount exceeding Rs 400,000).
In This Case 5% Rate will be Applied.....
10 %Exemption of Medical Allowance Condition will be applicable if it is clearly mention in his pay slip or Salary Certificate...
Otherwise whole amount of Gross Salary will be his Taxable Salary i.e.Rs.50,000/-P.M

Exempted Income Limit upto TY-2015 is Rs.400,000/-
(04-16-2015 01:48 PM)Sheraz Ahmad Wrote: [ -> ]In This Case 5% Rate will be Applied.....
10 %Exemption of Medical Allowance Condition will be applicable if it is clearly mention in his pay slip or Salary Certificate...
Otherwise whole amount of Gross Salary will be his Taxable Salary i.e.Rs.50,000/-P.M

Exempted Income Limit upto TY-2015 is Rs.400,000/-

Dear Sir Sheraz,

Can u provide some breif answer regarding "if it is mentioned in salary slip or certificate'? what thing mentioned basic salary should be mentioned or 10% medical allowance should be mentioned?

Regards

Abdul Samad
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