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Home»BUSINESS»Higher Income Tax To Be Paid Even During Work From Home in Corona Crisis
BUSINESS

Higher Income Tax To Be Paid Even During Work From Home in Corona Crisis

EditorialBy EditorialJuly 2, 2020Updated:July 7, 2020No Comments3 Mins Read
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Higher Income Tax To Be Paid Even During Work From Home in Corona Crisis
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Most countries of the world had to lockdown due to the Corona crisis. In such a situation, there are many companies, whose employees have been given the facility to work from home. At the same time, the employment of many people was also lost during this period. Many companies have also resorted to options such as Layoffs or Salary Cut for temporary handling of Financial Crisis. In some companies, employees are also getting salary delays. On the economic front, this hit on employees was limited even if it was limited. For employees working from home, this facility is going to be more expensive as Income Tax. Let us know why you will have to pay more tax in work from …

Non-taxable income remains a part of salary in CTC

In the private sector, nowadays the salary of the employees is fixed under the ‘Cost to Company’ (CTC) system. In many companies, this CTC is divided into two parts ‘A’ and ‘B’. Part-A consists of basic salary, DA, and HRA. At the same time, there is a transport allowance, entertainment allowance in Party-B. Usually, employees hand over the bills of this amount to their company. After that, the amount is transferred to the bank account of the employee. These allowances come in non-taxable income. In many places, it is also given as a reminder. At the same time, some companies do not even need to bill.

The employee will have to pay income tax on these allowances

On the one hand, employees are working from home during a lockdown and at the same time they are not going out for dinner or lunch with the family, then they have been converted into transport and entertainment allowance taxable income. In such a situation, they will have to pay tax on the amount coming in salary in the name of these allowances. Explain that in general, allowances are not taxed on special discounts. Transport allowance is exempt from tax to the extent the employee spends. At the same time, if allowances are not spent, then they are taxed. This tax will be levied at the rate at which the employee comes in the slab.

If the company has not given, then the staff will have to pay advance tax

Now understand that if your salary is delayed or stopped, for the time being, will you have to pay tax on that too. Actually, the salary is taxable based on the amount transferred to the employee’s account or the receipt from the company. Most companies deduct tax at the time of payment of salary. In this case, if your salary is outstanding on the company, that is, the company has not paid your salary for some time, then this outstanding amount is taxable income. Since your company has not paid the tax deducted on the source (TDS). Therefore, it is the responsibility of the employee to pay the advance tax.

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