Can some body tell me what percentage of tax is levied on following if the employees doesn t submit the bills at the end of the financial year.
LTA
Medical Reimbursement
Conveyance anf phone reimbursements
With Regards,
Poonam
From India, Delhi
LTA
Medical Reimbursement
Conveyance anf phone reimbursements
With Regards,
Poonam
From India, Delhi
Hi Poonam,
There is no fixed % which is deducted on non submittion of the above mentioned bills.
The tax will be deducted based on the slab which they come.
For eg: if some ones taxable income is between 1L to 1.5L then only 10% of tax will be deducted from his salary but in case if some ones taxable income is more than Rs.2.5L then 30% of tax will be deducted on the amount paid.
Hope this clarifies, else you can revert back.
Smiles,
Navroz
+91 981 981 4336
From India
2There is no fixed % which is deducted on non submittion of the above mentioned bills.
The tax will be deducted based on the slab which they come.
For eg: if some ones taxable income is between 1L to 1.5L then only 10% of tax will be deducted from his salary but in case if some ones taxable income is more than Rs.2.5L then 30% of tax will be deducted on the amount paid.
Hope this clarifies, else you can revert back.
Smiles,
Navroz
+91 981 981 4336
From India
Hi Navroj,
Thanks for the revert, but i guess this tax % is applicable on the Payslip salary, in my organisation, salaries are divided into two parts, payslip salary which has basic, HRA,TA and Allowances etc.
And other half is paid as reimbursement which includes Medical, and LTA which is treated differently, the tax % on Medical is flat 25% if I am not wrong, but not too sure.Do you have any idea of this?
Regards,
Poonam
From India, Delhi
Thanks for the revert, but i guess this tax % is applicable on the Payslip salary, in my organisation, salaries are divided into two parts, payslip salary which has basic, HRA,TA and Allowances etc.
And other half is paid as reimbursement which includes Medical, and LTA which is treated differently, the tax % on Medical is flat 25% if I am not wrong, but not too sure.Do you have any idea of this?
Regards,
Poonam
From India, Delhi
I believe there is no such rule which you have mentioned - taxable amount is paid as per the tax bracket the employee come into. Cheers, Navroz
From India
From India
Hi I agree with Navroz,
Tax slab is as follow
0 - 1,10,000 - 0%
1,10,000 - 1,50,000 - 10%
1,50,000 - 2,50,000 - 20%
2,50,000 - above - 30%
this amount is after all the deductions - like conveyance, HRA, Medical allowance, 80C savings, Medical insurance etc.
If for Medical, LTA - bills not produced - they comes under taxation directly. LTA is calculated once in 2 years. so you can over look at it.
cheers
suneel
From India, Bangalore
Tax slab is as follow
0 - 1,10,000 - 0%
1,10,000 - 1,50,000 - 10%
1,50,000 - 2,50,000 - 20%
2,50,000 - above - 30%
this amount is after all the deductions - like conveyance, HRA, Medical allowance, 80C savings, Medical insurance etc.
If for Medical, LTA - bills not produced - they comes under taxation directly. LTA is calculated once in 2 years. so you can over look at it.
cheers
suneel
From India, Bangalore
Poonam, Probably your company recovering the FBT from the employees. Please confirm it from the accounts department of your company.
From India, Jaipur
From India, Jaipur
Sunil,
The correct income tax slab for FY 2008-09 as below:
Male<65 years of age
Upto Rs 1,50,000/- 0%
150000-300000/- 10%
300000-500000/- 20%
Above 500001 30%
Female<65 years of age
Upto Rs. 1,80,000/- 0%
1,80,001/- to Rs. 3,00,000/- 10%
3,00,001/- to Rs. 5,00,000/- 20%
Above 500001 30%
Senior citizen
Upto RS 2,25,000 0%
Rs. 2,25,001/- to Rs. 3,00,000/- 10%
Rs. 3,00,001/- to Rs. 5,00,000/- 20%
Above 500001 30%
· Secondary and higher Education Cess of 3% over the Tax liability plus the surcharge (if any) will be levied
If income is above 1000000 an Additional surcharge of 10% over the taxliability will be levied
From India, Jaipur
The correct income tax slab for FY 2008-09 as below:
Male<65 years of age
Upto Rs 1,50,000/- 0%
150000-300000/- 10%
300000-500000/- 20%
Above 500001 30%
Female<65 years of age
Upto Rs. 1,80,000/- 0%
1,80,001/- to Rs. 3,00,000/- 10%
3,00,001/- to Rs. 5,00,000/- 20%
Above 500001 30%
Senior citizen
Upto RS 2,25,000 0%
Rs. 2,25,001/- to Rs. 3,00,000/- 10%
Rs. 3,00,001/- to Rs. 5,00,000/- 20%
Above 500001 30%
· Secondary and higher Education Cess of 3% over the Tax liability plus the surcharge (if any) will be levied
If income is above 1000000 an Additional surcharge of 10% over the taxliability will be levied
From India, Jaipur
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
P-TAX.csv