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?
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
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