How to gross up of salary of employee?

Tax queries 735 views 3 replies

Hi friends,

Please provide your valuable suggessions to resolve the following querries.

1) How to gross up of salary when net pay is required to pay to employee after deduction of professional tax(200) and Income Tax?

Example: Net pay to employee(Take home) is 50000 p.m, . It is after profession tax and Income Tax.

Employee provides LIC premiums rs. 70000 p.a.  u/s 80C.

In this case shall I add that Income tax to employee's salary while making the grossing up of salary?

2) In the above case, can company show and claim that Income tax of employee as its expenditure?

Thanks in advace

Replies (3)

Hi

 

Rfer attach file, in yellow marked cell add monthly salary including PT & you will get how much TDS to gross up amount in cell C10.

 

Cheers!!

Hi

 

Did this filed helped you?

 

 

Thanks

Check attachment,

 

I have added explanation & macro file too..

 

Thanks!!


CCI Pro

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