Tax Free Income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2011
Hi expert Can U please give me some brief regarding Tax- free income? And if the tax liability of Employee bear by Employer whether the amount of tax payable by Employer will be taxable in the hand of Employee or not?
CA PARAS BAFNA
(Expert)
27 June 2011
Tax free income means-
Tax on the income, in case leviable, has been or will be paid by the payer of income.
*
The Total income of employee is say 300000/ . Tax on this income is Rs 14420/.
Now if the Employee receive tax free salary he can get Rs. 285580/-.
*
In his computation total income will be
285580+14420 (Tax paid by employer will be treated as his income)=300000
*
If he gets tax free salary of Rs 300000/ - how much tax the employer has paid?
Find out yourself or let it be X.
Total Income of the employee will be returned at 300000+X
Tax on the income, in case leviable, has been or will be paid by the payer of income.
*
The Total income of employee is say 300000/ . Tax on this income is Rs 14420/.
Now if the Employee receive tax free salary he can get Rs. 285580/-.
*
In his computation total income will be
285580+14420 (Tax paid by employer will be treated as his income)=300000
*
If he gets tax free salary of Rs 300000/ - how much tax the employer has paid?
Find out yourself or let it be X.
Total Income of the employee will be returned at 300000+X
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- GST on reimbursement of expenses
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
