What will be calculation of it if tax liability is borne emp

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2013 Hello,

Need to know the IT calculation formula if IT will be payable by the employer.
do we have to add the tax amount into perks and than again tax liability needs to be calculated or we need to deposit the tax on in hand salary what commited to the employee.

opinion require, if there is formula to calculate the tax liability.

Thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 June 2013 In case of tax paid by the employer on non monetary perquisites, there is no need to gross up the tax amount so paid with the income.
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However, when the employer makes payment of Tax on monetary items or Salary this benefit is not available. With salary income -tax amount is required to be added to recompute the tax on total.
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Formula is not available.
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Use any IT Software. It will automatically compute the tax on Total Amount and give you the tax amount payable.

Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2013 Thanks for the suggesion, but still some confusion.
We need to calculate tax liability on net salary amount or need to add tax amount into salary for gross up the amount than again we have to calculate the tax and desposit to the GOVT subsequently.

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