Dear Experts,
Please let me know as per the client requirement deduction on "Rent Free Accommodation Tax Deduction" as per the below scenario.
1) The perquisite value shall be arrived at ax for each employee @ 7.5% of gross salary+Ex-Gratia.
2) The tax applicable based on earning shall be calculated.
3) The Tax+ Difference in earning and tax shall be calculated to depict the amount in earning column of payslip & form-16.
4) The tax shall be shown in deduction column of pay slip and form-16.
5) Example:
Employee Code: XXX
Gross Salary PM: 21600
Ex-Gratia : 800
Total Earning : 24615
Perk Value 7.5%: =24615X7.5%=1846
Annual Perk : =1846X12=22152
Tax on Perk : =22152X10%=2215
And it should be add in net payment in month of March in every year for pay to employee. So please suggest me how can develoup in system.
Thanks in advance.
Satish.