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Income tax

Former Member
0 Kudos

Hi,

Experts,

How can calculate income tax. based on calender days or working days.

thanks&regards

vardhu

Accepted Solutions (0)

Answers (2)

Answers (2)

Former Member
0 Kudos

Hi,

MVR ,

if employee is in leave 15days.he is not able to get the salary for 15days at that time income tax calucated on 15days or 30 days...i need clarification on this ...

Thanks&Regards,

vardhu

Former Member
0 Kudos

Hi,

The tax is calculated on the total earnings for the month which the employees gets. If your wage types valuaion is properly maintaiend & cummulation class 24 & 25 is checked that wage type is taxable wage type.

So if the Basic is 15000 per month & due to leaves the Basic for that month will be 7000, then the tax will be calculated for that amount only. The same will happen for other earning wagetypes in the system.

Regards,

Prasad Lad

Former Member
0 Kudos

Tax is calculated based on the earnings and investments of any individual on yearly basis (actual earned till date + projected income for rest of d year) - Financial year.

if you have done proper configuration on the wage types, system will do the calc on its own by considering LOP, PL watever.

Former Member
0 Kudos

Hi,

Can you give a little bit more info on this ?