Compute for the Taxable Income You’re not going to deduct your income tax from the get-go. Before anything else, you’ll need to compute for your taxable income, which is your basic salary (plus additional pays like holiday and overtime pays) minus your contributions. Taxable Income= (Mon...
F6主讲-少女【最新版】新税制-task 2 - The computation of taxable income and income tax liability改.pdf,The computation of taxable income and income tax liability Introduction - fiscal year UK resident Fiscal year • The year of assessment 2018/19 • 6
Trading income Employment income Employment VS Self-employment Earnings=Cash wages or salary + Bonuses + Commission + Round sum allowances + Benefits made available to the employee =Salary + Bonus – Allowable expenses relating to employment + Taxable benefits (“receipts basis”) Allowable expenses:...
CCA : Is normally a filler on negotiated salary (put the balance amount in this). Otherwise, 30% of CTCGratuity : Is statutory (consider 4.81%)Superannuation : 15% - 27% of basic (27% if there is no PF)Leave Encashment : Taxable under provision of IT Act.Tax deduction is based on ...