If that does not work, try the one below for a very rough calculation: [CP_CALCULATED_FIELDS id=”6″] . 30% ruling: A person employed directly from abroad may be eligible for ‘30% ruling’. If you are approved, your first 30% of the salary is completely tax free for the first ...
Go to the “TDS tab” for the calculation of the salary including tax calculation Various relevant forms and deduction fields are given. Step 5: Go to the “Report” tab -> “salary report” -> “Payslip generation” Users can edit, and modify the information as per requirements. Step 6...
A range of non-cash benefits in the form of salary sacrifice schemes exist that you can take advantage of as a great incentive to attract and retain employees. In this article, we break down what your options are, how they affect tax calculations, and the advantages and disadvantages for bo...
To avail of the tax exemption there should be at least one of the following: Rent paid annually – 10% of the salary (Basic + Dearness Allowance) The full amount of House Rent Allowance received 50% of salary (Basic + Dearness Allowance) for Mumbai, Delhi, Chennai, Kolkata. 40% of ...
The allowance is for expenses related to rented accommodation. Salaried individuals who live in a rented house/apartment can claim House Rent Allowance or HRA to lower taxes. This can be partially or completely exempt from taxes. Our articleHRA Exemption,Calculation,Tax and Income Tax Returnexplains...
MORE TAX RELIEF FOR THE FATCATS; Fury at 30% Salary ExemptionThe Mirror (London, England)
There are various cases in which an employee might obtain the salary arrears for the present year for any previous year’s left dues to furnish the amendments. The tax payable for the present year is much more when the other arrear gets added to the income of the prevailing year. This is...
If you don’t submit your income tax return on time, you may be liable for admin penalties. SARS can charge an administrative penalty which can range from R 250 to R 16 000 per month, or R 3 000 to R 192 000 per year. It does appear though (at the moment), that SARS is issuin...
However, it may restrict who can package other benefits. Hence you must always ask your employer right at the beginning what benefits does it offer. The concept of salary packaging is more effective for employees who are in the range of middle to high income groups. ...
Exemption or reduction of import duties for imported machinery. Companies that fulfill certain criteria can get a 10 billion THB subsidy under the Competitiveness Enhancement Fund. Qualified expatriates and Thai employees can get a 17% Personal Income Tax rate on their income if they work for compan...