on 08-25-2017 7:53 AM
Hi Experts,
Please refer below scenario, and advice
There are multiple gift payments, and need to be taxable any amount crosses 5000 INR in FY.
eg. GIFT1- 1000
GIFT2- 3000
GIFT3- 4000
Once these payments participate in payroll run and processed based upon their annual accumulation should taxable.
APRIL payroll run GIFT1-1000 processed in payroll run
MAY- payroll run GIFT2- 3000 processed in payroll run
JUNE - payroll run GIFT3- 4000 processed in payroll run. As 1000+3000+4000= 8000 INR
so 8000-5000= 3000 INR should add to taxable bucket (/416).
Please advise.
Ragards,
Avi
Hi Avi,
There is no direct "Taxation on gifts" functionality in PY-IN, but there is a wage type called "Taxed but not Paid" that you can configure as per your requirement. The wage type is
M450.
Best Regards,
Aman
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