Tax rate and exemption

[zurpk]

I am still confused about the word " take home salary" used by you. However, if an employee gross salary is Rs. 60,000. his tax for the month can be calculated as follows;

Gross Salary Rs. 60,000

Basic Salary Rs. 54,545

Medical Allowance Rs. 5,455 (Exempted upto 10% of Basic Salary)

So taxable Salary is Rs. 54,545 (60,000-5,455)

Taxable Salary for the year (54,545*12)= 6,54,540

Taxable Rate = 6%

Tax for the year (6,54,540*6/100) = 39,272

Tax for the month (39272/12) = Rs. 3,273

if you need any more information plz inform us. you can also visit www.taxonline.com.pk
http//www.taxonline.com.pk/incometax/itax.html

With Best Regards.