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 Deduction under section 149
04-27-2010, 08:30 PM
Post: #1
 ali khan Junior Member Posts: 5 Joined: Apr 2010 Reputation: 0
Deduction under section 149
Brothers.
Please update me on account of a person salary income tax which is appointed in 1st Apr-2010 with a salary @ Rs.140,000/-Per\month.

How to calculate his income of salary for tax year 2009-2010. i.e for 3 months (Apr-10 to Jun-10) total payment of salary of Rs.420,000/-on which tax is total tax comes out Rs.10,000/-(monthly deduction is Rs.3333/-) with marginal increase applying.Or other matter please ...............................

Your's timely guidance will be highly appreciated.

Best regards
04-28-2010, 03:03 PM
Post: #2
 awaisaftab Posting Freak Posts: 961 Joined: Jan 2009 Reputation: 0

You fall in the slab of 2.5% your tax will be (420,000/-X 2.5% ) 10,500/- . So Rs.3500/p.m will be deducted.
04-28-2010, 07:44 PM
Post: #3
 ali khan Junior Member Posts: 5 Joined: Apr 2010 Reputation: 0

Dear brother awais;
You are Wright that the income of that person fall in the slab of 2.5%
But there is a marginal increase formula which is as under for your information.
Where the taxable income exceeds Rs.350,000 but does not exceed Rs.400,000 slab 1.50% = (400000*1.50)= 6000/-
20% of the marginal increase = (20000*20%)= 4000/-
thus a total tax come out Rs.10,000/- for 3 months period.

but my question is that how can i calculate the tax for that person, i.e for the 3 months period or consider him for whole year period his monthly salary Rs.140,000/- a month & total <b><u>provision income </u> </b> come out Rs.(140,000 x 12= 1680,000/-)slab 12.5%, which total tax come Rs. 210,000/- and monthly tax Rs.17,500/- per month.
which one method is correct/applicable
04-28-2010, 07:48 PM
Post: #4
 ali khan Junior Member Posts: 5 Joined: Apr 2010 Reputation: 0

yani 3 mahini k actual per tax calculate karna chiya ya 12 mahini k provision li kar tax calculate karna chiya.
04-28-2010, 08:01 PM
Post: #5
 awaisaftab Posting Freak Posts: 961 Joined: Jan 2009 Reputation: 0

You will deduct tax at Rs.420,000/-
04-28-2010, 08:29 PM
Post: #6
 LapTop Posting Freak Posts: 926 Joined: Feb 2009 Reputation: 0

Ali Khan bhai,,,,,, Ap ki calculation bilkul theek hay,,,,, app k hisab say aap us employee ko tax year may 420000/= salary day rahay han to isi par tax deduct karyn gay,,,,,,,

Par agar may aap ki jaga hon to may is calculation say pahly employee say ye pochon ga k us ki is tax year 2009/2010 may April say pahly ki bhi koi salary income thi ya nahi,, agar thi to kya us par us ka tax withheld howa tha ya nahi,,,,,
Agar thi to may us income to 240000 k sath associate kar k tax calculation karon ga, taky employee ki tax liability bilkul accurate ho,,,

Or sath hi us say ik Affidavit bhi longa âNo other sorce of income kaâ agar salary income k ilawa employee ki koi other source of income nahi hay to may tax adjustments kar k us ki tax liability reduce kar don ga.
04-28-2010, 10:00 PM
Post: #7
 ali khan Junior Member Posts: 5 Joined: Apr 2010 Reputation: 0

Thanks for comments on and suggestion on the forum.
please is this essential for tax purpose and is any referenc / tax law update link etc.(As you said that if i on ur position then u do the procedur)

[8)]
04-28-2010, 10:27 PM
Post: #8
 LapTop Posting Freak Posts: 926 Joined: Feb 2009 Reputation: 0

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