Who is required to pay tax?
Who Are The Tax Payers? Any Indian citizen aged below 60 years is liable to pay income tax if their income exceeds 2.5 lakhs. If the individual is above 60 years of age and earns more than Rs. 3 lakhs, he/she will have to pay taxes to the government of India.
What is the tax threshold in Namibia?
|Taxable Income (NAD)||Base Rate (NAD)||Percentage %|
|0 – 50,000||0% (Exempt)|
|50,001 – 100,000||18 % of the amount exceeding NAD50,000|
|100,001 – 300,000||9,000+||25% of the amount exceeding NAD100,000|
|300,001 – 500,000||59,000+||28% of the amount exceeding NAD300,000|
How is income tax calculated in Namibia?
How is tax calculated? The most straightforward way to calculate effective tax rate is to divide the income tax expenses by the earnings (or income earned) before taxes. For example, if a company earned $100,000 and paid $25,000 in taxes, the effective tax rate is equal to 25,000 ÷ 100,000 or 0.25.
What income is tax free?
Applicable for all individual tax payers:
Rebate of up to Rs 12,500 is available under section 87A under both tax regimes. Thus, no income tax is payable for total taxable income up to Rs 5 lakh in both regimes. Rebate under section 87A is not available for NRIs and Hindu Undivided Families (HUF)
Can you go to jail for not paying your taxes?
Penalty for Tax Evasion in California
Tax evasion in California is punishable by up to one year in county jail or state prison, as well as fines of up to $20,000. The state can also require you to pay your back taxes, and it will place a lien on your property as a security until you pay.
Are donations tax deductible in Namibia?
There is currently no donations tax, estate duty or capital gains tax in Namibia. Certain capital gains are taxed as normal income. In determining the value for transfer duty purposes, VAT, where applicable, is excluded.
How can I calculate my income tax?
Let’s understand income tax calculation under the current tax slabs and new tax slabs (optional) by way of an example.
How to calculate income tax? (See example)
|Up to Rs 2,50,000||Exempt from tax|
|Total Income Tax||Rs 12,500 + Rs 25,500+ Rs 37,500 + Rs 50,000 + Rs 62,500 + Rs 1,77,600 + Rs 14,604||Rs 3,79,704|
How is tax calculated on monthly salary?
Total Deductions = Professional tax + EPF (Employee Contribution) + EPF (Employer Contribution) + Employee Insurance. Total Deductions = Rs 2,400 + Rs 21,600 + Rs 21,600 + Rs 3,000 = Rs 48,600. Take-Home Salary = Rs 7,50,000 – Rs 48,600 = Rs 7,01,400.
How is housing allowance calculated in Namibia?
To determine your housing allowance, you should calculate both your anticipated expenses and the fair market rental value of your home. Then request the lesser amount. Some pastors regularly request the fair market rental value of their home even when it is higher than their anticipated expenses.
Is government pension taxable in Namibia?
Pension and RA funds – The total lump sum is tax-free, but annuities or pensions paid are taxable at the marginal rate of the member.
Is there property tax in Namibia?
Municipal Property Tax
The applicable tax rates are set by the local municipalities. For the tax year 2009-2010, the rates applicable in the municipality of Windhoek in respect of real properties are 0.001578% of the site value per month and 0.000434% of the improvement value per month.
What rate are pensions taxed?
Pensions and income tax
25% of your pension pot can be withdrawn tax-free. How you withdraw money from your pension will determine whether you pay tax on the other 75% now or later. Pay tax on 75% of the amount withdrawn. Choose how much of it you wish to draw from the tax-free part.
What is applicable tax rate?
Applicable Tax Rate means, with respect to a Tax Year, the highest combined federal, state and local income tax rate (giving effect to the deductibility of state and local income taxes for federal income tax purposes) applicable to a corporation in any United States jurisdiction.
What are the current VAT rates in Namibia?
VAT is levied at the standard rate of 15% on the supply of most goods and services and on the importation of goods.