on 03-26-2009 5:24 AM
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
Santhosh.S
Hi Santosh,
/436 is not the mongthly taxable amount. its a annual wage type.
Hope u r using old Form 24Q(Prog name - HINCF240), then monthly taxable income is sum of monthly regular income(/124) and monthly irregular income (/125).
Regrads,
Praveen
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Hi Praveen
I got the program details for Form 24Q. The employees monthly taxable income is showing as 166184.33 and the calculation is as follows
First Step:
QDEDUCTEE-PAYAMT = QDEDUCTEE-PAYAMT (/411) + QDEDUCTEE-PAYAMT(/434)
/434=Total Income Wage type
/411= Ann Irr Income wage type
The QDEDUCTEE-PAYAMT for /411 is generally negative according to the calculation and hence
-138492 + 722290 = 583798
So QDEDUCTEE-PAYAMT=583798*
Second Step:
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.
FINAL_GTI = ( ( FINAL_GTI * ( FINAL_PRJ - 1 ) ) +
( ( QDEDUCTEE-PAYAMT - CF ) - FINAL_434 ) )
/ PROJ_FACT.
FINAL_GTI = ( ( NIL * (12 - 1 ) ) +
( (583798 - NIL ) - NIL ) )
/ 12.
So FINAL_GTI=48649.83
Third Step:
FINAL_434=QDEDUCTEE_PAYMENT
FINAL_434=583798*
FINAL_PROJ= Project Factor
FINAL_PROJ= 12
Final Step:
/4MI = FINAL_GTI + CF + EI
FINAL_GTI=48649.83
CF=/ZBS (BF Basic Arrears wage type) .i.e. NIL
EI=/125 (Mon Irr Income wage type) .i.e. 117535
So the final calculation for /4MI is 48649.83+ NIL+ 117535= 166184.33
Could anyone please help me in understanding this in laymens language.
Regards
Santhosh.S
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