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excel sheet with farmula giving wrong tax rates
10-22-2011, 01:07 AM
Post: #1
excel sheet with farmula giving wrong tax rates
Has any one experienced problem with tax rates applied by IT2 sheet. on the income of 1100000/ it applied rate of 9.95 instead of 10 percent.
second it calculates surcharge on avg basis for 3.5 months. which is not realistic in many cases, any comments.
SL
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10-22-2011, 04:32 PM
Post: #2
 
true..... i experiance the same error... in my case it calculate tax rate as 15.59% instead of 16%...... i called PRAL & tell them the issue but all in vain.
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10-22-2011, 07:03 PM
Post: #3
 
thanks olympia brother, yet there is another issue of surcharge that formula sheet calculates at 3.5 months average of year. Now in many cases salaries vary through out year in this case surcharge deducted by company on actual period IE march 15 to June 30 2011 is different from what is given by the formula. and tax payable is generated. Now on the fbr website they have given a guidance about how the surcharge will be deducted on salaried persons. and it says employer will deduct surcharge on actual salary for the period march 15-june30 2011. Kindly share your experience.
SL
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10-22-2011, 11:36 PM
Post: #4
 
is the difference in tax rate due to marginal relief??
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10-23-2011, 02:17 AM
Post: #5
 
FBR should rectify the flaws in return and allow user to enter manually the figure of surcharge. I have no source of income from Mar to june still return calculate surcharge .
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10-23-2011, 02:41 PM
Post: #6
 
Sir, Actually FBR are calculating of below formula regarding surcharge

Payment Amount/12 x 3.5 months x 15%

PLease note 3.5 shows after 15.03.2010 to 30.06.2011 surcharge duration period.

Therefore those person / Companies whose payments had been paid before 15.03.2011, they are also paying now and FBR not rectifying there system.
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