I have created taxable slabs in payroll period please see in attached image.
If salaray per year < 600,000 there is no tax paid
If salary is > 600,000 & <12,00,000 there will be 5% tax to be paid
If salary is >12,00,000 & <18,00,000 then the tax payable 30,000 plus 10% of the amount exceeding 12,00,000
What formula or conditions do I need to calculate the correct income tax.
I have created salary component also please have the image below
For income tax salary component I have checked Variable Based On Taxable Salary option.
Salary structure is as follow