Regarding issue on contractual employee payment
Hello,
I have seen some company are deducted 2% from the salary on the payment of contractual basis employees.
Even some employees salary 27250 k and some 28250k.
Telling whole thing here,
In a year 365 day,
Sangathan will not pay above said type of employees on summer vacation - 40 days, autumn brake - 10 days and winter vacation - 20 days.
So total working days should be like this as simply calculation : 365 - (40+10+20) = 295 days only
27250 k based employee will get = 295 * (27250/31),
28250k based employee will get = 295 * (28250/31),
31250 k based employee will get = 295 * (31250/31).
27250k based employee annual income = 259314,
28250k based employee annual income =268830,
31250 k based employee annual income = 297379,
All are just approx values,
What should be criteria of deduction of income tax from above said employees.
I listened 275000 is limit of deduction is 0rs income tax.
And above this amount like 31250k based employees will ( [deleted])pay income tax on this amount only 22379. As i know.
Please tell me is that correct 2% every month will deducted from above said employee's salary?
Thanks