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Former Member
Mar 26, 2009 at 05:24 AM

Taxable Amount in Form 24Q-Basis of calculation


Dear friends

I am trying to take form 24Q for the first quarter for the financial year 2007-2008 for an employee. When I generate the form, I get an amount as taxable amount which is not equal to the amount available in RT table /436. There were some patch updation whereby a series of wage types /4MI, /4ME, /4MS, /4MT etc updated in the year 2008.

The amount shown in /436 (tax on total income)is 166687, but the amount shown as taxable amount in Form 24 Q is different.

Could anyone please let me know what is the basis of calculation for this Taxable amount in form 24 Q with an example.

Thanks and regards