ABC Pvt. Ltd. shown his son (Mr. Amal) as an employee of the said company last one Year and till now (SALARY shown per month Rs. 25000.00) and according this company paid salary per month to Amal from company bank A/c , Recently konth of dec,21 ABC Pvt. Ltd paid by NEFT his son (Mr. Amal) Rs. 85000.00 for higher education purpose .
My question is what are the tax implications for both employer(ABC Pvt. Ltd. ) and employee(Mr. Amal) , and how to shown in tally this AND TDS deducted against this ?
CAclubindia
