Hi all!
Kindly suggest me the tax implications on employee's part as well as on employer's part with regards to the following salary structure-
Situation 1- Gross salary Rs. 50000
Basic 20000 HRA 40% of basic 8000 Children Education Allowance 200 Medical Allowance1250 Transport Allowance800 Vehicle maintenance allowance1600 Gift in Kind416.668 Telephone bill reimbursement1500 Meal Vouchers1500 Entertainment allowance 7500
Books and periodicals3000 Special Allowance remaining 4233.34
Kindly inform how much will the employee pay and how much will the employer pay with the above structure.
Thanks & Regards
Arpita