Difference in Total Gross Amount Bcos of FY Change
As per the client need we are trying an instance where we change the Financial year from Apr - Mar to Mar - Feb. In our testing it works fine except that we get a difference in the total gross amount in the Form 16 summary in the payslip.
For eg if we give the salary as Rs10000 then the total gross amount should be Rs.1,20,000. But instead it comes as Rs.1,19,700. We tested by running the payroll for an employee for 12 months. In First 11 months payslip in the Form16 summary we get the Total gross amount as Rs.1,19,700 and tax is calculated accordingly and deducted.
But in the 12th month the total gross amount has become Rs1,20,000 and tax is calculated for that and deducted accordingly. In Form16 also it comes correctly as Rs.1,20,000.
Can anyone figure out where the problem lies. It would be great if you could help me in finding a solution.
Thanks n Regards,