HI EXPERTS,
I have scenario in which tax will be withhold on basis of slabs range. Below is the yearly withholding tax slab:
Sr. Rent Rate of tax
(1) Rent does not exceed Rs 150,000 Nil
(2) Rent exceeds Rs.150,000 but not Rs.400,000 5% of amount exceeding Rs.150,000
(3) Rent exceeds Rs.400,000 but not Rs.1,000,000 Rs 12,500 plus 7.5% of amount exceeding Rs 400,000
(4) Rent exceeds Rs.1,000,000 Rs 57,500 plus 10% of amount exceeding Rs 1,000,000
Can anyone know how I can create this slabs rules in system. Below is the example.
Illustration: Monthly Rent = 50000, Yearly Rent =50000*12 (6,00,000)
Slab 1= on 1,50,000 no tax will be Withhold
Slab 2= Remaining amount is 6,00,000-1,50,000=4,50,000..... On amount of 2,50,000 ( Slab 4,00,000-1,50,000) WHT will be 5%
Slab 3= Remaining amount is 6,00,000-1,50,000-2,50,000= 2,00,000…… on amount of 2,00,000 WHT will be 17,500 + 7.5%
Regards
Haris Gillani