The formula to calculate the tax rate is:
\[ \text{Tax Rate} = \left( \frac{\text{Tax Paid}}{\text{Income}} \right) \times 100 \]
The tax rate in Form 67 is calculated by dividing the total tax paid by the total income, and then multiplying by 100 to get a percentage. This gives you the effective tax rate paid on the income.
Let's assume the following values:
Step 1: Calculate the tax rate:
\[ \text{Tax Rate} = \left( \frac{5000}{50000} \right) \times 100 = 0.1 \times 100 = 10\% \]
Therefore, the tax rate is 10%.
