Can somebody tell me what percentage of tax is levied on the following if the employees don't submit the bills at the end of the financial year:
- LTA
- Medical Reimbursement
- Conveyance and phone reimbursements
With Regards,
Poonam
From India, Delhi
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2- LTA
- Medical Reimbursement
- Conveyance and phone reimbursements
With Regards,
Poonam
From India, Delhi
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Hi Poonam,
There is no fixed percentage which is deducted for non-submission of the above-mentioned bills. The tax will be deducted based on the tax slab in which they fall. For example, if someone's taxable income is between 1L to 1.5L, then only 10% of tax will be deducted from their salary. However, if someone's taxable income is more than Rs. 2.5L, then 30% of tax will be deducted from the amount paid.
I hope this clarifies the tax deduction process. If you have any further questions, feel free to revert back.
Smiles,
Navroz
+91 981 981 4336
From India
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There is no fixed percentage which is deducted for non-submission of the above-mentioned bills. The tax will be deducted based on the tax slab in which they fall. For example, if someone's taxable income is between 1L to 1.5L, then only 10% of tax will be deducted from their salary. However, if someone's taxable income is more than Rs. 2.5L, then 30% of tax will be deducted from the amount paid.
I hope this clarifies the tax deduction process. If you have any further questions, feel free to revert back.
Smiles,
Navroz
+91 981 981 4336
From India
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Hi Navroj,
Thanks for the response. I believe this tax percentage applies to the payslip salary. In my organization, salaries are split into two parts: the payslip salary consisting of basic pay, HRA, TA, and other allowances, and the other half is provided as reimbursement, which includes medical and LTA treated differently. I think the tax percentage on medical reimbursement is a flat 25%, but I'm not entirely certain. Do you have any insights on this?
Regards,
Poonam
From India, Delhi
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Thanks for the response. I believe this tax percentage applies to the payslip salary. In my organization, salaries are split into two parts: the payslip salary consisting of basic pay, HRA, TA, and other allowances, and the other half is provided as reimbursement, which includes medical and LTA treated differently. I think the tax percentage on medical reimbursement is a flat 25%, but I'm not entirely certain. Do you have any insights on this?
Regards,
Poonam
From India, Delhi
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I believe there is no such rule which you have mentioned - taxable amount is paid as per the tax bracket the employee come into. Cheers, Navroz
From India
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From India
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Hi, I agree with Navroz. The tax slab is as follows:
0 - 1,10,000 - 0%
1,10,000 - 1,50,000 - 10%
1,50,000 - 2,50,000 - 20%
2,50,000 - above - 30%
This amount is after all the deductions like conveyance, HRA, Medical allowance, 80C savings, Medical insurance, etc. If for Medical, LTA - bills are not produced, they come under taxation directly. LTA is calculated once every 2 years, so you can overlook it.
Cheers,
Suneel
From India, Bangalore
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0 - 1,10,000 - 0%
1,10,000 - 1,50,000 - 10%
1,50,000 - 2,50,000 - 20%
2,50,000 - above - 30%
This amount is after all the deductions like conveyance, HRA, Medical allowance, 80C savings, Medical insurance, etc. If for Medical, LTA - bills are not produced, they come under taxation directly. LTA is calculated once every 2 years, so you can overlook it.
Cheers,
Suneel
From India, Bangalore
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Poonam, Probably your company recovering the FBT from the employees. Please confirm it from the accounts department of your company.
From India, Jaipur
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From India, Jaipur
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Sunil,
The correct income tax slab for FY 2008-09 as below:
Male<65 years of age
Upto Rs 1,50,000/- 0%
150000-300000/- 10%
300000-500000/- 20%
Above 500001 30%
Female<65 years of age
Upto Rs. 1,80,000/- 0%
1,80,001/- to Rs. 3,00,000/- 10%
3,00,001/- to Rs. 5,00,000/- 20%
Above 500001 30%
Senior citizen
Upto RS 2,25,000 0%
Rs. 2,25,001/- to Rs. 3,00,000/- 10%
Rs. 3,00,001/- to Rs. 5,00,000/- 20%
Above 500001 30%
· Secondary and higher Education Cess of 3% over the Tax liability plus the surcharge (if any) will be levied
If income is above 1000000 an Additional surcharge of 10% over the taxliability will be levied
From India, Jaipur
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The correct income tax slab for FY 2008-09 as below:
Male<65 years of age
Upto Rs 1,50,000/- 0%
150000-300000/- 10%
300000-500000/- 20%
Above 500001 30%
Female<65 years of age
Upto Rs. 1,80,000/- 0%
1,80,001/- to Rs. 3,00,000/- 10%
3,00,001/- to Rs. 5,00,000/- 20%
Above 500001 30%
Senior citizen
Upto RS 2,25,000 0%
Rs. 2,25,001/- to Rs. 3,00,000/- 10%
Rs. 3,00,001/- to Rs. 5,00,000/- 20%
Above 500001 30%
· Secondary and higher Education Cess of 3% over the Tax liability plus the surcharge (if any) will be levied
If income is above 1000000 an Additional surcharge of 10% over the taxliability will be levied
From India, Jaipur
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