Trending @Accenture; Tax calculation/Variable pay
Can anyone tell, how variable pay gets calculated in annual tax calculation? After paying one time tax, why is the whole amount reflected in the final tax report to calculate taxes?
Variable pay gets taxed as per your tax eligibility. Let's say your tax eligibility is 10% then the usual deduction is 10% of your eligible salary. But when you get your bonus then if you cross 20% then your tax for that particular month will be 20% .
I don't understand what tax report you mention but it seems you are referring to the tax sheet in allsec. The whole amount will be mentioned to calculate your final taxable amount for that month.
If still not clear, would suggest you to raise a query to HR from support portal.
Thanks for your response here...
Still have few doubts... Let me elaborate...
Let's consider one got 1 lack bonus... After one time 18% tax deduction... Received bouns amount would be 82k along with salary...
Here is my main query...
In the main tax computation sheet on allsec portal variable amount was reflecting is 1lack....
But according to me if we have paid one time tax then that amount should not be reflected in tax computation... Even after that they are still considering the bonus tax amount for which one has already paid taxes... Then it should only reflect the amount 82k which we actually received, not 1 lack... Plz correct me if I am wrong... Also raised a ticket to understand this but no proper support on the query I asked.
I would recommend not to confuse yourself..Better to understand is just look at your overall earnings in that FY which included Fixed, Variable any OT Reward points you redeemed etc .from that amount deduct all that you are showing as proofs under different sections.. Then calculate your tax on the amount that's left after your deductions as per the TAX slab u are falling which will give u tax you need to pay on over all earnings..Later just calculate how much u have paid so far and what is that you need pay i. Future months
Accenture is worsed company I have seen in terms of compansation plan set-up. PF rule, NPS rule, Tax rule all are looting employees salary. Of course, variable pay we should not forget. They're looting variable pay also.
