07-12-2011, 12:13 AM
Thanks.
So we should sum all of his income throughout the year. Say, he joined on Sep 15. His salary is 30k. For sep 2010, he got 15k and till June he got 50k per month. That makes his total income (25k X 1) + (50k X 9) = 25,000 + 450,000 = 475,000.
Now, the tax rate will be 3.5%
and, total tax payable will be 16,625
Please confirm if it's correct
So we should sum all of his income throughout the year. Say, he joined on Sep 15. His salary is 30k. For sep 2010, he got 15k and till June he got 50k per month. That makes his total income (25k X 1) + (50k X 9) = 25,000 + 450,000 = 475,000.
Now, the tax rate will be 3.5%
and, total tax payable will be 16,625
Please confirm if it's correct