01-11-2010, 09:53 PM
Taxable rental Income for the year 2010 (Jan to June)= 6,00,000/=
Where the gross amount of rent exceeds Rs.400,000 but does not exceed Rs.1,000,000, Income Tax shall be charge at the rate of Rs.20,000 plus 7.5 percent of the gross amount of rent exceeding Rs.400,000.
20,000 + 15,000 =35,000
35,000 / 6 = 5833/= par month
Where the gross amount of rent exceeds Rs.400,000 but does not exceed Rs.1,000,000, Income Tax shall be charge at the rate of Rs.20,000 plus 7.5 percent of the gross amount of rent exceeding Rs.400,000.
20,000 + 15,000 =35,000
35,000 / 6 = 5833/= par month