Salary Income Tax tab

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1

Hello,

How do i setup such kind of salary tax tabs?

  1. 0 – 600 Non-Taxable
  2. 601-1,650 10% - 60
  3. 1,651 – 3,200 15% - 142.50
  4. 3,201 – 5,250 20% - 302.50
  5. 5,251 – 7,800 25% - 565
  6. 7,801 – 10,900 30% - 955
    7 Over 10,900 35% - 1,500

The tax is calculated like Percentage minus some contract amount.

Anyway to accommodate such tax Stab

1 Like
2

Hi,

You can easily do this with formula in salary component.

Following is the tax formula for three different tax slab 3%, 15% and 30%.

(((NI)) * 0.03) * child_rebate if (NI) <= 162000 else ((((NI)-162000) * 0.15) + 4860) * child_rebate if (NI) > 162000 and (NI) <=1800000 else ((((NI)-162000) * 0.30) + 250560) * child_rebate

In the formula NI - Taxable Income, child_rebate is the other salary component for deduction like in your formula.

3

i don’t seem to get this