Hi,

Hoping that this would be helpful to others looking to create a monthly salary deduction for income tax on annual salary slabs.  

In this code there is no tax up to an annual salary of 600,000 and following that there are different percentages for different slabs from 0.05% to 35%. 

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Monthly = contract.wage
Months = 12
BASIC = (Monthly*Months)
tax = 0
if (BASIC <= 600000):
tax = 0 
elif (BASIC > 600000) and (BASIC <= 1200000):
tax = (BASIC-600000) * 0.05
elif (BASIC > 1200000) and (BASIC <= 1800000):
tax = ((BASIC-1200000) * 0.1)+30000 
elif (BASIC > 1800000) and (BASIC <= 2500000):
tax = ((BASIC-1800000) * 0.15)+90000 
elif (BASIC > 2500000) and (BASIC <= 3500000):
tax = ((BASIC-2500000) * 0.175)+195000
elif (BASIC > 3500000) and (BASIC <= 5000000):
tax = ((BASIC-3500000) * 0.2)+370000
elif (BASIC > 5000000) and (BASIC <= 8000000):
tax = ((BASIC-5000000) * 0.225)+670000 
elif (BASIC > 8000000) and (BASIC <= 12000000):
tax = ((BASIC-8000000) * 0.25)+1345000
elif (BASIC > 12000000) and (BASIC <= 30000000):
tax = ((BASIC-12000000) * 0.275)+2345000
elif (BASIC > 30000000) and (BASIC <= 50000000):
tax = ((BASIC-30000000) * 0.3)+7295000 
elif (BASIC > 50000000) and (BASIC <= 75000000):
tax = ((BASIC-50000000) * 0.325)+13295000
elif (BASIC > 75000000):
tax = ((BASIC-75000000) * 0.35)+21420000 
result = -(tax/Months)

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