if an employee seeks a salary advance of about 3 times his salary and the advance is deucted in 9 or 10 installments form his salary every month, is there an income tax deduction on the advance salarty as per Indian government . pls let me know urgently.
From India, Delhi
1From India, Delhi
Hi...
Consider his advance salary as loan to him... talk to your seniors, accounts & management, if they agree than pay some EMI amount from his monthly salary. income tax deduction is as it as per monthly deduction. No changes in that.
as per that his salary slip reflect two deduction more i.e. income tax & load installment to company. also check it interest free loan or company will charge any% interest on the same. consult yr account department before giving any commitment to any employee.
regards,
jayshree
From India, Mumbai
Consider his advance salary as loan to him... talk to your seniors, accounts & management, if they agree than pay some EMI amount from his monthly salary. income tax deduction is as it as per monthly deduction. No changes in that.
as per that his salary slip reflect two deduction more i.e. income tax & load installment to company. also check it interest free loan or company will charge any% interest on the same. consult yr account department before giving any commitment to any employee.
regards,
jayshree
From India, Mumbai
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