24q Calculation

[Former Member]

Dear all,

I am not able to understand my 24 q calculation.

While generating this report, it shows taxable income 66113.55 for april.

I am not able to understand how this calculation is done. Kindly help me with this.

/101	Total gross amount	1,19,104.00
/110	Net payments/deductions	-22,002.00
/111	EPF Basis	18,730.00
/112	ESI Basis	38,904.00
/113	ESI Basis Nominal	38,904.00
/114	HRA Basis	18,730.00
/115	COA/CLA Basis	1,66,333.60
/116	Gratuity Basis	18,730.00
/118	PTax Basis	56,704.00
/119	PTax Basis Nominal	38,904.00
/124	Mon Reg Income	39,904.00
/125	Mon Irr Income	43,426.60
/127	Annual Perk	28,670.00
/128	Leave Encashment Basis	18,730.00
/129	Voluntary Retirement Bas.	18,730.00
/12H	Nominal basis for Housing	18,730.00
/12I	HRA eligibility - Nominal	8,300.00
/12N	Monthly Regular Salary	39,904.00
/130	Exemption U/S 10	99,924.00
/130	Exemption U/S 10	0
/131	Any other Income	-53,557.00
/133	Annual Exemptions	12,000.00
/134	Annual Non-perk amounts	62,400.00
/135	Form 217 2(A) Annual Perk	28,670.00
/137	1DSD Basis Actual	18,730.00
/138	Form 217 2(A) Basis	97,650.00
/139	VPF Basis	18,730.00
/140	LWF Basis	18,730.00
/3C1	Ann car perk	21,600.00
/3F1	Ee PF contribution	2,248.00
/3F3	Er PF contribution	1,707.00
/3F4	Er Pension contribution	541
/3F5	Ee Mon PF contribution	2,248.00
/3F6	Ee Ann PF contribution	26,976.00
/3F8	EDLI adm chrgs * 1,00,000	65,000.00
/3F9	PF adm chrgs * 1,00,000	2,06,03,000.00
/3FA	PF basis for Ee contrib	18,730.00
/3FB	PF Basis for Er Contrib	18,730.00
/3FC	Pension Basis for Er cont	6,500.00
/3FE	Interest accrued on total	108
/3FJ	VPF basis for Ee contrib	18,730.00
/3FL	PF Basis for Er Contrib	6,500.00
/3G1	Grat Contrib -monthly	900.91
/3G4	Gratuity Basis - Actual	18,730.00
/3I1	Deduction u/s 80	1,00,000.00
/3I2	Gross amount u/s 88	1,26,976.00
/3J1	Loan-Int Perk	7,070.00
/3LE	Nom. CEA amt monthly	2,290.00
/3LH	Nom. CHA amt monthly	2,290.00
/3O9	Deds S24 (Interest)	-53,557.00
/3P1	Prof Tax - split period	200
/3P2	Professional Tax Basis	56,704.00
/3P3	Prof Tax - Full period	200
/3Q1	HRA calculation value	2,66,728.00
/3Q1	HRA calculation value	0
/3R4	Non-metro HRA Basis Amt	18,730.00
/410	Ann Reg Income	4,78,848.00
/410	Ann Reg Income	0
/411	Ann Irr Income	43,426.60
/411	Ann Irr Income	0
/413	Annual Perk	28,670.00
/413	Annual Perk	0
/416	Gross Salary	5,71,547.60
/418	Balance	4,71,623.60
/422	Empmnt tax (Prof Tax)	2,400.00
/424	Aggrg Deduction	2,400.00
/426	Incm under Hd Salary	4,69,223.60
/430	Gross Tot Income	4,15,666.60
/432	Agg of Chapter VI	1,00,000.00
/434	Total Income	3,15,670.00
/436	Tax on total Income	11,567.00
/446	Tax payable	11,567.00
/447	Sec and Higher Educ Cess	116
/449	Education Cess	231
/450	Tax payable and surcharge	11,914.00
/456	Tax deducted so far	0
/458	Net tax payable	11,914.00
/460	Income Tax	993
/470	Total Tax deductible	993
/4CE	CEA Monthly Exemption	200
/4E1	CEA Annual Exemption	2,400.00
/4E4	HRA Annual Exemption	85,524.00
/4E4	HRA Annual Exemption	0
/4ME	Monthly Education cess	19.25
/4MH	Monthly Higher Edu cess	9.63
/4MI	Monthly Taxable Income	66,113.55
/4MT	Monthly Tax payable	964.12
/4T1	Income Tax Slab Rates	3,27,237.00
/4T1	Income Tax Slab Rates	0
/4TE	Edu Cess Ded Till Date	0
/4TT	Tax Payable Ded Till Date	0
/550	Statutory net pay	1,15,663.00
/559	Bank transfer	93,661.00
/560	Net pay	93,661.00
/700	Wage/salary + ER shares	1,22,459.59
/840	Diff.curr.from aver.month	0
/845	Total paid non-work	0
/LBD	taxed interest rate adv.	746.66
/LBM	Int.rate adv./curr.month	746.66
/LCI	Interest-bearing capital	58,609.00
/LLB	Loan balance	56,609.00
/LRP	Regular repayment	2,000.00
/TPA	Total Package	55,124.00
1000	Basic	18,730.00
1020	House Rent Allownace	8,300.00
1040	Education Allowance	2,290.00
1050	Hostel Allowance	2,290.00
1060	Personal Persuit Allowanc	2,290.00
1070	Uniform Allowance	1,000.00
1080	Canteen Allowance	1,350.00
2000	Medical Reimbursement	1,250.00
2010	LTA	1,500.00
2020	Car Running Expences	5,200.00
2030	PF @ 12%	2,248.00
2040	Bonus@22%	4,121.00
2045	Bonus	26,626.60
2050	Gratuity	901
2090	Bonus Projection	20,603.00
3030	Special Allowances	3,654.00
3060	Bilakhia Welfare Trust	-2
3070	Advance Against Salary	-20,000.00
4040	Car Running Reimbursement	62,400.00
4090	Performance Incentive	16,800.00
4320	LTA advance	18,000.00
4410	HRA Exmp	8,300.00
7012	Personal Loan - EMI	2,000.00
93F8	EDLI adm chrgs * 1,00,000	0.33
93F9	PF adm chrgs * 1,00,000	206
93LX	Nom. CTX amt monthly Uni	2,290.00
93LY	Nom. CTX amt monthly Pers	1,000.00
9UAL	Uniform Allowances	12,000.00

Let me know, howw this calculation is done.

Regard

KKS

[Former Member · Accepted solution]

Hi,

If you want to know the clear picture of /4MI calculation. Do the debug in the function INTAX. You will get to know how the calculation is going on.

/4MI and /434 will calculate based on these condition.

  * Compute monthly GTI only based on actual basis
   IF projection_method = 1.
     cur_act_prj_basis = cur_act_prj_basis * cur_prj_factor.
     cur_nom_prj_basis = cur_nom_prj_basis * cur_prj_factor.
     cur_434 = cur_434 + cur_act_prj_basis - cur_nom_prj_basis.
   ENDIF.

   cur_prj_factor = cur_prj_factor + 1.

  * Compute remaining part of /434

   cur_434 = cur_434 - amt_till_date - cf_year.

  * Compute projected part of remaining /434

   prj_amt = cur_434 - ( cf_reg + cf_irr + pre_emp_income
                         + cur_irr_month ).
   prj_amt = prj_amt / cur_prj_factor.

* Use remaining amount to compute the current gti

   cur_gti(/4MI) = prj_amt + cur_irr_month + cf_reg + cf_irr - amt_arr.

Regards,

Vijay Kumar

[Former Member · Accepted solution]

Thx Vijay,

Find my INTAX Detail.

Let me know how the calculation is done.

Where my in 24q is coming as 42000.

Regard

KKS

[Former Member · Accepted solution]

Gud Work Dear................hope your query is solved ...

[Former Member · Accepted solution]

No sandeep,

My Quesry still remain the same.

Kindly help me.
As per ur suggestion

hired EE on 01.01.2014

I hired one EE, and Given

A) Basic 30000

Uniform Allowance 10000

All Regular income

/4Mi is coming 40000

/434 coming 120000

so 120000/3= 40000 Which is fine, matching with /4Mi total Taxable income

B) However same month I have given Performance incentive 2000 by IT 15

then system is giving this result

/4Mi is coming 42000

/434 coming 122000

125=2000

Now if I divide

122000/3=40666

If i go with this formula

C) /4MI = (/434 - CRT /4MI - /125) / Prj factor + /125...

Then it is coming 41000

Let me know why there is difference is coming, when i am paying Irregular income

Regard

KKS

[Former Member · Accepted solution]

why u r nt using these ..

/4MI = 120000/3  + /125 + /ZBS  + (IN CRT any value for irregular Income ).

[Former Member · Accepted solution]

R u solved ?????????

[Former Member · Accepted solution]

Hi Sandeep,

Give me sometime. I am still testing with some more EE.

Regard

KKS

[Former Member · Accepted solution]

Hi Sandeep,

Thx for all the help.

I am closing this thread.

Regard

KKS

[Former Member · Accepted solution]

You Welcome Dear

[Former Member]

Please specify your Earning ...and deduction first ....

[Former Member]

Hi Sundeep,

Find salary slip attached.

Regard

KKS

[Former Member]

• Monthly Taxable Incomewage type (/4MI) = Projected amount) + Mon Irr Income wage type (/125) + Carried forward amount (BF Basic Arrears wage type (/ZBS) + irregular income carried forward, if any)

Any query please ask..

[Former Member]

Hi sandeep,

Cld not understand, above detail

1) Which Project amount

2) /125 (Mon Irr IncomeWT) = 43426.60

3)  Carried forward amount (BF Basic Arrears wage type (/ZBS):- From where I wld get this

4) irregular income carried forward, if any):- Let me know which technical WT is that.

However I have listed all the WT above, would appreciate if you cld show the calcuation.

Regard

KKS

[Former Member]

Taxable amount(/4MI) = Total amount (/434) / 12 [April to March] + after one time tax deduction of Irregular income + /ZBS + carried forward irregular income.

Did you understand from these ???????????

In your case 4MI = (/434/12) + /124  ..LIKE THESE

[Former Member]

Hi sandeep,

Even If i go ahead with above as per your detail

In your case 4MI = (/434/12) + /124  ..

/434= (315670/12) + /124

26305.83+ 39904= 66209.83.

Which is not matching with 4Mi=66113.55

Regard

KKS

[Former Member]

do you have any last month carry forward ?????????

[Former Member]

Hi Sandeep,

Which technical WT i can check this.

Regard

KKS

[Former Member]

You check in CRT nt in RT .../M4i ???

and tell me

[Former Member]

Hi sandeep,

in CRT /4MI is coming:-  66,113.55

Regard

KKS

[Former Member]

you try for these

/4MI = (/434 - CRT /4MI - /125) / Prj factor + /125...

[Former Member]

Hi sandeep,

If I go with above formula then,

/4mi= 66113.55

/434=315670

/1125= 43426.6

=/4MI = (/434 - CRT /4MI - /125) / Prj factor + /125...

=62165.68

Which is again not matching with 66113.55

Regard

KKS

[Former Member]

Dear you create new test case from april onwards run salary and check all data ..then next month like these ...

Please do ..accordingly...you can understand things clearly

[Former Member]

Hi Sandeep,

Hear I have hired EE on 01.01.2014

I hired one EE, and Given

A) Basic 30000

Uniform Allowance 10000

All Regular income

/4Mi is coming 40000

/434 coming 120000

so 120000/3= 40000 Which is fine, matching with /4Mi total Taxable income

B) However same month I have given Performance incentive 2000 by IT 15

then system is giving this result

/4Mi is coming 42000

/434 coming 122000

125=2000

Now if I divide

122000/3=40666

If i go with this formula

C) /4MI = (/434 - CRT /4MI - /125) / Prj factor + /125...

Then it is coming 41000

Let me know why there is difference is coming, when i am paying Irregular income

Regard

KKS

[Former Member]

Dear Basically ,

Monthly Taxable Incomewage type (/4MI) 

The system provides the closest approximation to the monthly gross income. This value is calculated as follows:

Assuming that the Gross Total Income (GTI) is represented as:

• Gross Total Incomewage type (/434) for April = G1 * 12
• Gross Total Incomewage type (/434) for May = G1 + G2 * 11
• Gross Total Incomewage type (/434) for June = G1 + G2 + G3 * 10,

where, Gn is the Monthly Gross Income for the nth period. Now, to calculate the value of G1 (Monthly Gross Total Income for April), the system divides the Annual Gross Total Income by the projection factor. Once G1 is available, the system can calculate further values using the following formula:

• G2 = ((G1 * Projection factor of previous period) + (GTI of current period - carried forward amount in the In Period due to retroactive run) - GTI of previous period) / Projection factor of current period.

Here, before computation, the GTI for current period and previous periods are reduced by the irregular incomes earned during that period because the irregular income is a one time payment. Also, as in the equation, the carried forward amount in the current period is not considered for the computation. This amount is also a one time payment and is added separately to the computed value.

• Monthly Taxable Incomewage type (/4MI) = G2 (as computed above) + Mon Irr Income wage type (/125) + Carried forward amount (BF Basic Arrears wage type (/ZBS) + irregular income carried forward, if any)

In your case you can say that :

/4MI = 120000/3  + /125 + /ZBS  + (IN CRT any value for irregular Income ).

/4mi = 40000 +  2000

/4mi = 42000

Any concern ...i cant explain you any more dear please understand from above formula ..