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Dear Sir,
I understood that Employer pays NIC1 – on remuneration of the staff (@13.8% if remuneration exceeds 7956/-, and there is allowance of 2000/- & ALLOWABLE DEDUCTION in Trading Income Calculation.And for NIC1A – on Taxable Benefit provided to those whose remuneration > 8500/-, @13.8%,
My query is whether payment for the NIC 1A is also Allowable Deduction from Trading Income of the Employer Or Not?Employers NIC’s are indeed tax deductible as part of the overall salary and wages costs
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