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Tax on salary?
09-16-2011, 09:38 PM,
Tax on salary?
I heard if a salaried person has income other than salary, the same salaried rate tax will apply on that income as well if that is less than 50% of total income. Is that true?
09-16-2011, 09:53 PM,
YES. Rates for salaried persons are given in Table under Para (1A) of Part I of First Schedule to the ITO, 2001. While telling to whom that TABLE applies para (1A) says, "where the <b><u>income of an individual chargeable under the head salary exceeds fifty percent of his taxable income,</b></u> the rates of tax to be applied shall be as set out in the following table"

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