Maintaining a Tax Rate Table
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See page overview
Select the tax rate table link from the left pane.
The “Maintain Tax Rate Table” page appears. The system displays the following details.
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Tax Setup Unit |
The name of the organization in which the tax setup unit has been deployed. Tell me more |
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Date Format |
The date format applicable to the login user. Tell me more |
To specify a tax year
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Tax Year |
From the drop-down list box select the tax year for which the rate table is to be defined. The drop-down list box contains list of all the tax years that have been created in the “Create Tax Year” activity and whose status is “Active”. |
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By default the system will display with “Select” value. If there is only one tax year defined, the system will default the same. |
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Category |
From the drop-down list box, select any one of the following categories to define the tax rate table for the current tax year.
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To specify a default tax year
As you specify a default tax year, you indicate that the new tax year will inherit all the tax rates applicable to the selected default tax year.
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Default From Tax Year |
From the drop-down list box select the tax year whose rate table is applicable for the current tax year. The drop-down list box contains list of all the tax years prior to the current tax year that have been created in the “Create Tax Year” activity. By default the system will display with a blank value. |
Note: As you specify the default tax year, the system will display the applicable tax slab details in the multiline. You can modify the details if any, and save the details.
To specify a tax slab
In the “Tax Slab” multiline specify the tax rates applicable for the tax year.
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Income Over |
The start of the range of the income for which the specific tax rate is applicable. |
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But Not Over |
The maximum income, beyond which the tax rate is not applicable. |
Note: The value of
“Income Over” must be the same as the value of “But Not Over” in previous
row. For example, Income over 1 but not over 50000; Income over 50000
but not over 60000; etc.
If the “Income over” is not specified, the system takes the value as zero
and if “But Not Over” is not specified, the system will regard any value
exceeding the specified “Income Over” value in the corresponding row.
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Amount + |
This is the cumulative value of the tax amount levied for every successive income range, starting from the lowest until the current income range. |
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Percentage |
This is the percentage of tax levied for the income range. |
Select the “Save” pushbutton to save the details entered.
To enter comments
Select the Book icon beside the comments field. The system will display a dialog box containing comments, if entered earlier.
You can view, modify or delete the content.
Select the “OK” pushbutton to save the details and return to the previous page.
Select the “Cancel” pushbutton to return to the previous page without saving the details entered.
To save details
Select the “Save” pushbutton to save the details specified. After the details are saved, the system will refresh the page with the same.
Hyperlinked topics below
Use this page to specify the tax rates applicable for a tax year.
In this page, you can specify tax rates for a tax year in three different ways.
You can create a new rate table applicable to different income levels.
Specify an earlier tax year whose tax rate(s) are also applicable to the new tax year.
Apart from specifying the details, you can also modify the same.