06-23-2009, 06:23 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 abbas_chinikham</i>
<br />So does it mean that a tax of 5% is impose on every employee whose salary exceeds 1 million? and 30% on bonus is impose on only corporate employees?
If yes, then who are included in Corporate Employees? Is there any special classification for them?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Exactly,
5% Additional Tax will be applicable on Tax liablity of every employee, whose salary income exceeds 1 million,
30% Tax will be applicable on Bonus of <b>corporate employees</b>* having salary income (excluding bonus) of Rs. 1 million or more in tax year 2009.
* <b>corporate employees</b> has nowehere been defined in the ordinance, however another clause(which i mentioned) indicates the word "corporate executives" i.e. a contradiction between two clauses exists,
another confusion is related to the Tax Year , whether it is 2009 or 2010, in my opinion , had it been 2009 then it would have been announced through any amendment prior to the announcement of budget 2009 - 2010, however, this matter needs clarification and for this purpose, issue has been proposed to be clarified.
Best Regards,
<br />So does it mean that a tax of 5% is impose on every employee whose salary exceeds 1 million? and 30% on bonus is impose on only corporate employees?
If yes, then who are included in Corporate Employees? Is there any special classification for them?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Exactly,
5% Additional Tax will be applicable on Tax liablity of every employee, whose salary income exceeds 1 million,
30% Tax will be applicable on Bonus of <b>corporate employees</b>* having salary income (excluding bonus) of Rs. 1 million or more in tax year 2009.
* <b>corporate employees</b> has nowehere been defined in the ordinance, however another clause(which i mentioned) indicates the word "corporate executives" i.e. a contradiction between two clauses exists,
another confusion is related to the Tax Year , whether it is 2009 or 2010, in my opinion , had it been 2009 then it would have been announced through any amendment prior to the announcement of budget 2009 - 2010, however, this matter needs clarification and for this purpose, issue has been proposed to be clarified.
Best Regards,
