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ElaKiri Talk!
Income Tax calculating help pls
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<blockquote data-quote="hansamalli" data-source="post: 20649943" data-attributes="member: 557426"><p><span style="font-size: 15px"><span style="color: Blue">1. A person having Salary 5 300 000, Rent income Rs.14 940 500 and Professional income Rs 6 000 000</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">After deducting all Taxable income is 23 762 500.</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">As there is special rate scheme on professional income how to apply taxable income for correct tax rates?</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">1st 500 000,</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">2nd 500 000</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">3rd 500 000 is to apply 4% 8% and 12% for Rent income 1st ?</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">then 6 000 000 of professional income at 12% correct?</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p> <span style="font-size: 15px"><span style="color: Blue">rent income -1st 500 000 4% 20 000</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">rent income - 2nd 500 000 8% 40 000</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">rent income- 3rd 500 000 12% 60 000</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">4th professional income 6 000 000 12 % 720 000</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">5th rent income 500 000 16% 80 000</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">6th Employment income 5 300 000 16 % 848 000</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">7th rent income 1 000 000 20% 200 000</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">balance 9462500 24% 2 271 000</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">Total tax 4 239 00 correct ???</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">What is IRD practise ??</span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p> <span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">2.If professional income exceeds 24 million </span></span></p><p><span style="font-size: 15px"><span style="color: Blue"></span></span></p><p><span style="font-size: 15px"><span style="color: Blue">23 500 000 of professional income goes to 12% and rest 500 000 goes to 14 ???</span></span></p></blockquote><p></p>
[QUOTE="hansamalli, post: 20649943, member: 557426"] [SIZE="4"][COLOR="Blue"]1. A person having Salary 5 300 000, Rent income Rs.14 940 500 and Professional income Rs 6 000 000 After deducting all Taxable income is 23 762 500. As there is special rate scheme on professional income how to apply taxable income for correct tax rates? 1st 500 000, 2nd 500 000 3rd 500 000 is to apply 4% 8% and 12% for Rent income 1st ? then 6 000 000 of professional income at 12% correct? rent income -1st 500 000 4% 20 000 rent income - 2nd 500 000 8% 40 000 rent income- 3rd 500 000 12% 60 000 4th professional income 6 000 000 12 % 720 000 5th rent income 500 000 16% 80 000 6th Employment income 5 300 000 16 % 848 000 7th rent income 1 000 000 20% 200 000 balance 9462500 24% 2 271 000 Total tax 4 239 00 correct ??? What is IRD practise ?? 2.If professional income exceeds 24 million 23 500 000 of professional income goes to 12% and rest 500 000 goes to 14 ???[/COLOR][/SIZE] [/QUOTE]
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