Dear Seniors, I have a question regarding the bonus. Do we need to deduct income tax from Bonus? If yes what is the persentage we have to reduce from bonus?
From India, Chennai
18From India, Chennai
Dear
As per the income tax act you have to deduct the Tax on bonus also.
All the components which are paid to employee comes under Income from Salaries.
The TDS is as like as Salary
Lakshminaryana
9866917232
From India, Hyderabad
As per the income tax act you have to deduct the Tax on bonus also.
All the components which are paid to employee comes under Income from Salaries.
The TDS is as like as Salary
Lakshminaryana
9866917232
From India, Hyderabad
dear nijan,
every thing is applicable as per Income tax act,
here the % we calculate dependa upon the slab
For Eg:
1. If salary is between :1 - 2 laks (no tax)
2. If salary is between: 2- 5 laks ( 10%)
3. If salary is between: 5- 10 laks ( 20%)
4. if the salary is above 10 laks ( 30%).
this is how we generally calculate the tax .
calculate the bonus and add along with the salary then deduct his returns amount ,then calculate the tax on that ok.....
From India, Bangalore
every thing is applicable as per Income tax act,
here the % we calculate dependa upon the slab
For Eg:
1. If salary is between :1 - 2 laks (no tax)
2. If salary is between: 2- 5 laks ( 10%)
3. If salary is between: 5- 10 laks ( 20%)
4. if the salary is above 10 laks ( 30%).
this is how we generally calculate the tax .
calculate the bonus and add along with the salary then deduct his returns amount ,then calculate the tax on that ok.....
From India, Bangalore
Dear member
Yes we have to deduct income tax from Bonus
1. salary is between :1 - 2 laks (no tax)
2. salary is between: 2- 5 laks ( 10%)
3. salary is between: 5- 10 laks ( 20%)
4. salary is above 10 laks ( 30%).
Regards, Srikanth
9885578325
Intersoft International Pvt ltd
From India, Hyderabad
Yes we have to deduct income tax from Bonus
1. salary is between :1 - 2 laks (no tax)
2. salary is between: 2- 5 laks ( 10%)
3. salary is between: 5- 10 laks ( 20%)
4. salary is above 10 laks ( 30%).
Regards, Srikanth
9885578325
Intersoft International Pvt ltd
From India, Hyderabad
Dear member, Bonus is taxable when it goes more than 20% in financial year otherwise bonus should not count in incometax.
From India, Mumbai
From India, Mumbai
Bonus also attracts income tax. Add the bonus amount also to the annual income and work out incomet tax workings and you can deduct the same balance payable Income Tax in equated monthly instalments.
regards
From India, Bangalore
regards
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.