Rate of Tax????

smimranhaider · 03-24-2010, 05:32 PM

Dear All,

If one is earning income from various head of Inocome then which rate will be applied??
e.g- there are three income from three heads.

Income from Bussiness 350,000
Income From Salary 200,000
Income From Property 250,000

Total Income 800,000 Which rate applay ???

LapTop · 03-24-2010, 08:48 PM

Download-Link Salary Tax calculator 2008-2009

http//www.megafileupload.com/en/file/206247/Tax-calculator-2008-2009-xlsx.html

Download-Link Tax Calculator for Property Income 2009-10

http//www.megafileupload.com/en/file/200354/Tax-Calculator-for-Property-Income-2009-10-xls.html

OSAIDism · 03-25-2010, 07:34 PM

In Accordance with Income Tax Ordinance 2001,
Income tax shall be calculated on Rs.550000 (ie is Income from business and Salary) @ 3.5% (Slab 6)

And income from property shall be taxable as
income from property 250000
less exempt up to (150000)

and then 100000 @ 5%..

LapTop · 03-25-2010, 08:02 PM

OSAIDism bhai,,,,

App nay salary income or business income ADD kyon ki , ye baat samajh nahi aai, plz batayen gay reffrence k sath.

smimranhaider · 03-25-2010, 08:14 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by OSAIDism
 In Accordance with Income Tax Ordinance 2001,
Income tax shall be calculated on Rs.550000 (ie is Income from business and Salary) @ 3.5% (Slab 6)

And income from property shall be taxable as
income from property 250000
less exempt up to (150000)

and then 100000 @ 5%..
<hr height="1" noshade id="quote"></blockquote id="quote">

Where the income of an individual chargeable under the head âsalaryâ
exceeds fifty percent of his taxable income, the salary rates of tax will be aplay,
par agar 50 % se kam ho to kiya alag alag rate lage ga ????

OSAIDism · 03-25-2010, 08:34 PM

1) Income tax is calculated in Taxable Income ==> Section 4
2) Taxable income Total income less Deductible amount ==> section 9
3) Total income is Sum of all heads of income ==> section 10

taxable income is sum of all heads of income,
But Income from property is taxed as separate block of income as rates are different so not included in totel and taxable income.

OSAIDism · 03-25-2010, 08:38 PM

@ smimranhaider

tax alag alg nahin lagay ga sirf rate of tax change ho jay ga.
say suppose Salary was Rs 100000. and income from business was Rs. 450000.
even in this case tax will be imposed on Rs.550000 but rate of tax will be 12.5% as per slab 10 of 1st table.

wasim akram · 03-25-2010, 09:25 PM

Quite relevent with the quote. please give calculation manually instead of link.
Calculate tax able income if Anuualy
Salary Income gross 800,000 (Tax being dedect
Rental Income 120,000
Commission from State Life Insurance 300,000 (Tax dedeucted at source @ 10% Rs.30000)
Business Income ( School ) 500,000
Profit from Banks 100,000 (Tax dedeucted at source @ 10% Rs.10000)
How maximum benefit of tax saving can be availed. Pl Advise.

wasim

OSAIDism · 03-25-2010, 09:44 PM

Profit from bank and Commission from STATE LIFE INSURANCE is chargeable as final taxation so no adjustment or no additional tax..

Rental income exempt up to 150000 so no tax is payable.

Salary income of Rs. 800000/= is taxable @ 7.5%.

Not sure about INCOME FROM BUSINESS
If it is taxable then would be added in Salary income and then
Rs. 1300000/= will be taxable @ 10% or as Per marginal relief method which ever is lower...

OSAIDism · 03-25-2010, 09:48 PM

due to scheduled load shedding at 5.PM, I could not reply in detail,
and would like to reply further if needed..

LapTop · 03-25-2010, 10:19 PM

Calculation for 2009-10

App ki salary Income 200,000/= hay is or ye Exempt hay han agar 200001/= hoti to ye taxable income hoti.

Business income 350,000/= hay is par 7.5% Income Tax lagy ga yani 26250/=

Rental Income 250,000/= hay is is may say aap ki 150,000/= income exempt hay is waja say 100,000/= par 5% k hisab say income tax lagy ga 5000/=

Is tarhan aap ki total tax liabliti bany gi 31250/=

Calculation for 2008-09

App ki salary income 200,000/- hay or taxable hay par ye amount chunky aap ki total taxable income ka 50% say kam hay is waja say app salay income ko business income may add kar dayn gay yani ab aap ki income 550,000/= ho jaye gi,,

Chunky aap ki salary income total income k 50% say kam hay is waja say app ko Business Tax rate layna pary ga,,,, jo k 12.5 % hay, is tarhan aap ki tax liability 68,750/= bany gi.

Rental Income 250,000/= hay is is may say aap ki 150,000/= income exempt hay is waja say 100,000/= par 5% k hisab say income tax lagy ga 5000/=

Total tax liability for the year 2008-09 ho gi 73,750/=

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by smimranhaider
 Dear All,

If one is earning income from various head of Inocome then which rate will be applied??
e.g- there are three income from three heads.

Income from Bussiness 350,000
Income From Salary 200,000
Income From Property 250,000

Total Income 800,000 Which rate applay ???

<hr height="1" noshade id="quote"></blockquote id="quote">

LapTop · 03-25-2010, 10:38 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by wasim akram
 Quite relevent with the quote. please give calculation manually instead of link.
Calculate tax able income if Anuualy
Salary Income gross 800,000 (Tax being dedect
Rental Income 120,000
Commission from State Life Insurance 300,000 (Tax dedeucted at source @ 10% Rs.30000)
Business Income ( School ) 500,000
Profit from Banks 100,000 (Tax dedeucted at source @ 10% Rs.10000)
How maximum benefit of tax saving can be availed. Pl Advise.

wasim
<hr height="1" noshade id="quote"></blockquote id="quote">

Calculation for 2008-09 & 2009-10

App ki salary income 800,000/- hay or taxable hay par ye amount chunky aap ki total taxable income ka 50% say Zayada hay is waja say app salay income ko business income may add kar dayn gay yani ab aap ki income 1300,000/= ho jaye gi,,

Chunky aap ki salary income total income k 50% say Zayada hay is waja say app ko salary Tax rate layna pary ga,,,, jo k 11 % hay, is tarhan aap ki tax liability 143,000/= bany gi.

Rental Income 120,000/= hay ye exempt hay.

Commission or profit from bank par aap tax day chuky han layhaza is amount pat app tax nahi dayn gay.

Tax liability for the year 2008-09 ho gi 143,000/= is may say aap less kar sakty hayn agar aap k employer nay kuch tax amount withheld kya hay to.

OSAIDism · 03-26-2010, 12:00 AM

aray janab laptop sahab yeh aap kya keh rahay hain??

Bhai sahab
agar salary RS. 100000 ho or income from business taxable ho phir bhi Rs.100000/= salary per tax lagay ga..

OSAIDism · 03-26-2010, 12:17 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by LapTop
 Calculation for 2009-10

App ki salary Income 200,000/= hay is or ye Exempt hay han agar 200001/= hoti to ye taxable income hoti.

Business income 350,000/= hay is par 7.5% Income Tax lagy ga yani 26250/=

Rental Income 250,000/= hay is is may say aap ki 150,000/= income exempt hay is waja say 100,000/= par 5% k hisab say income tax lagy ga 5000/=

Is tarhan aap ki total tax liabliti bany gi 31250/=

<hr height="1" noshade id="quote"></blockquote id="quote">
[/quote]
Bhai yeh kya keh ray ho ??
or kahan say keh rahay ho??

LapTop · 03-26-2010, 02:07 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by OSAIDism
 <blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by LapTop
 Calculation for 2009-10

App ki salary Income 200,000/= hay is or ye Exempt hay han agar 200001/= hoti to ye taxable income hoti.

Business income 350,000/= hay is par 7.5% Income Tax lagy ga yani 26250/=

Rental Income 250,000/= hay is is may say aap ki 150,000/= income exempt hay is waja say 100,000/= par 5% k hisab say income tax lagy ga 5000/=

Is tarhan aap ki total tax liabliti bany gi 31250/=

<hr height="1" noshade id="quote"></blockquote id="quote">
<hr height="1" noshade id="quote"></blockquote id="quote">
Bhai yeh kya keh ray ho ??
or kahan say keh rahay ho??
[/quote]

OSAIDism Bhai,,,,

Ap hi bata do na k ye kahan likha hay k agar business income ho to exempt salary income bhi taxable ho jati hay,,,,,

mayri nazar say nahi guzra plz mujhay zaror bataiye ga taky may dobara ghalti na karon,,,,