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Taxable Amount in Form 24Q-Basis of calculation

Former Member
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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

Accepted Solutions (1)

Accepted Solutions (1)

Former Member
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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

Former Member
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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

Answers (0)