Hi,
Greetings to all readers !
Many times we are facing many queries from our employees regarding income tax calculation.It is differing month on month as we are paying fixed+variable (depends upon target achievement) components.Even upon explaining many times we are not able to make them satisfied.
Please guide me whether we can circulate tax computation with employees or how to handle this situation.
From India, Madras
1Greetings to all readers !
Many times we are facing many queries from our employees regarding income tax calculation.It is differing month on month as we are paying fixed+variable (depends upon target achievement) components.Even upon explaining many times we are not able to make them satisfied.
Please guide me whether we can circulate tax computation with employees or how to handle this situation.
From India, Madras
Mandhar,
You can arrange for a TDS awareness session for your employees, from any internal or external expert. In fact, TDS calculation is no rocket science & is pretty easy & can be done by any CA in your company. U may do it by way of a ppt with simulation in excel.
From India, Mumbai
You can arrange for a TDS awareness session for your employees, from any internal or external expert. In fact, TDS calculation is no rocket science & is pretty easy & can be done by any CA in your company. U may do it by way of a ppt with simulation in excel.
From India, Mumbai
Hi,
TDS is the responsibility of the employer. If the tax liability of an individual is assessed as Rs.5000/- or more, it is the responsibility of employer to deduct and deposit advance tax. The I.Tax so assessed is to be equally distributed over the year on month to month basis. If you go through I. Tax Law book, you will be able to satisfy the queries of your employees in a better way or ask your finance man to prepare a presentation for you which should be displayed on prominent places for mass information. You can also calculate the monthly liability of tax and circulate it amongst the employees either in the form of general notice or individual notice giving the earning details, tax liability after known sources of savings various sections and monthly distribution of tax deduction proposed. you may ask employees to give details of other savings which have not been reckoned in the statement due to non-availability or error, if any.
This will bring transparency and reduce day to day query in this regard.
AK Jain
From India, Jabalpur
TDS is the responsibility of the employer. If the tax liability of an individual is assessed as Rs.5000/- or more, it is the responsibility of employer to deduct and deposit advance tax. The I.Tax so assessed is to be equally distributed over the year on month to month basis. If you go through I. Tax Law book, you will be able to satisfy the queries of your employees in a better way or ask your finance man to prepare a presentation for you which should be displayed on prominent places for mass information. You can also calculate the monthly liability of tax and circulate it amongst the employees either in the form of general notice or individual notice giving the earning details, tax liability after known sources of savings various sections and monthly distribution of tax deduction proposed. you may ask employees to give details of other savings which have not been reckoned in the statement due to non-availability or error, if any.
This will bring transparency and reduce day to day query in this regard.
AK Jain
From India, Jabalpur
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Tax Computation.xls
Pratik Ranka - Tax Computation.pdf