Hi Experts,
What should be the cumulation class specification for the following wageypes as these wagetypes are tax exempted upon providing the bills.
how to process them for monthly salary processing & how to calculate thier taxes as some employee may provide bills & some may provide it at the end of the financial year.
1/ Conveyance Allowance- 1600 - tax free
2/ Medical Allowance- 1250 - Tax free upon providing bills monthly or at the end of the financial year.
3/ Fuel Reimbursement - 1000 - Tax free when bill is submitted other wise taxed.
4/ Mobile Bill Reimbursement - 1000 - Tax free upon providing bill or else taxed
6/ Medical Reimbursement - 1500 - Tax free upon providing bill or else taxed
Please guide me how i can setup the monthly & yearly processing of these components.