07-12-2011, 04:05 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by talha.moin</i>
<br />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
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
I think, in the second line you mean to say that his salary is 50k and for Sep 2010 he got 25k.
If this is so, your calculation is absolutely right. You will deduct tax at the rate of 3.5% every month (I have intentionally ignored marginal relief, just for simplicity)
<br />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
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
I think, in the second line you mean to say that his salary is 50k and for Sep 2010 he got 25k.
If this is so, your calculation is absolutely right. You will deduct tax at the rate of 3.5% every month (I have intentionally ignored marginal relief, just for simplicity)
