Dear Team,
Please suggest me on the following requirement.
I need to make a Quarterly Payment to Employee on which Tax should be deducted in the same month when amount is getting paid as per the employee tax bracket.
This amount has to be added in gross for the complete year for determining the taxable income.
Example: Employee Gross is Rs. 60,000/- per month. Total gross for the year would be 7,20,000/-. If Quarterly payment is 30,000/- for quarter then this will be 1,20,000/- for the year. Total taxable income will be Rs. 7,20,000 + 1,20,000. On this total tax should be calculated. If tax with out quarterly payment is Rs. 6351/- and on quarterly payment is 6000/- assuming employee falls in 20% tax bracket. so total tax should be Rs. 6351 + 6000.
Pls suggest how do we get this.
Kind Regards
Nagesh