05-02-2007, 02:13 PM
AOA
We shall calculate tax for the year and then the total tax for the year can be divided by 12 months. thus we can find tax per month.
For Example
Basic Salary of per month = Rs. 65,000
Medical Allowance(10% of B.S) Rs. 6,500
Total Gross Salary Rs. 71,500
Taxable Salary for the Year (65000*12) Rs. 780,000
Tax for the Year (780,000*7.50%) Rs. 58,500
Income Tax per month (58,500/12) Rs. 4,875
So the person will pay Rs. 4,875 per month as income tax if his Gross Salary is Rs. 71,500.
Please remember that we shall calculate tax for the year first and then we can calculate tax for the month.
We shall calculate tax for the year and then the total tax for the year can be divided by 12 months. thus we can find tax per month.
For Example
Basic Salary of per month = Rs. 65,000
Medical Allowance(10% of B.S) Rs. 6,500
Total Gross Salary Rs. 71,500
Taxable Salary for the Year (65000*12) Rs. 780,000
Tax for the Year (780,000*7.50%) Rs. 58,500
Income Tax per month (58,500/12) Rs. 4,875
So the person will pay Rs. 4,875 per month as income tax if his Gross Salary is Rs. 71,500.
Please remember that we shall calculate tax for the year first and then we can calculate tax for the month.