Income tax rate dispute on professional Income earners at Returning

asked Sep 8, 2016 in General Questions by anonymous

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 ???

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