Hi All,
Please help me.
Mr X. has joined in my company on Aug-07. I am going calculate the T.D.S Salary for him. Before that previous company salary from Apr-07 to July-07 they given to me. Can I take that salary itself for T.D.S calculation or not.
please help me.
thanks in advance
Jaga.G
From India, Madras
Please help me.
Mr X. has joined in my company on Aug-07. I am going calculate the T.D.S Salary for him. Before that previous company salary from Apr-07 to July-07 they given to me. Can I take that salary itself for T.D.S calculation or not.
please help me.
thanks in advance
Jaga.G
From India, Madras
Dear All,
Adding to Jagan's Posting i am also having doubt on TDS calculations.
Whether the associate submits his tax returns whether part of TDS amount is returned or not.
Appreciate any one's help in providing clarity on the topic.
Regards,
Shanmugam
From India, Madras
Adding to Jagan's Posting i am also having doubt on TDS calculations.
Whether the associate submits his tax returns whether part of TDS amount is returned or not.
Appreciate any one's help in providing clarity on the topic.
Regards,
Shanmugam
From India, Madras
hi,
You can take the previous employers income to compute tax, you need to ask your previous employer for form 16 for the period worked OR you can take the Income Tax computation statement from them after your settlement.
You need to take (add) four things from them.
1) Salary after section 10
2) Profession Tax
3) Provident fund
4) Income Tax
hope this should clarify.
Thanks and regards,
Navroz
+91 981 981 4336
From India
2You can take the previous employers income to compute tax, you need to ask your previous employer for form 16 for the period worked OR you can take the Income Tax computation statement from them after your settlement.
You need to take (add) four things from them.
1) Salary after section 10
2) Profession Tax
3) Provident fund
4) Income Tax
hope this should clarify.
Thanks and regards,
Navroz
+91 981 981 4336
From India
Hi Jaga,
You are not clear. Had his former employer deducted TDS. On what basis the TDS was calculated by that employer. Whether the TDs deducted is more than what need to be deducted for 3 months.
Priya Maran G
From India, Madras
You are not clear. Had his former employer deducted TDS. On what basis the TDS was calculated by that employer. Whether the TDs deducted is more than what need to be deducted for 3 months.
Priya Maran G
From India, Madras
Dear Priya,
As explained by Navroz you need to account for the ponits mentioned by him.
His ":INCOME FROM PREVIOUS EMPLOYER " shall be the income after deductions under sec 10 i.e HRA , LTA , Medical , Conveyance.
You need to add up this income to his present income for this financial year in the present company.On the total income calculate the proportionate tax arrived . On the total tax arrived , substract that has already been paid by the employee in his previous employement,. On the remaining , distribute the same till march in equal instalments.
The PF already deducted by the previous employer will form part of the Investements under Chapter VI (80C).
The point to be kept in mind is that the employee should not take benefit of Investments for 1 Lakh (Chapter VI) should not be availed at both the organizations else he will have to pay a huge tax while filing his returns for the year.
Let me know if i can be of any further help to you.
Diwakar
From India, Chandigarh
As explained by Navroz you need to account for the ponits mentioned by him.
His ":INCOME FROM PREVIOUS EMPLOYER " shall be the income after deductions under sec 10 i.e HRA , LTA , Medical , Conveyance.
You need to add up this income to his present income for this financial year in the present company.On the total income calculate the proportionate tax arrived . On the total tax arrived , substract that has already been paid by the employee in his previous employement,. On the remaining , distribute the same till march in equal instalments.
The PF already deducted by the previous employer will form part of the Investements under Chapter VI (80C).
The point to be kept in mind is that the employee should not take benefit of Investments for 1 Lakh (Chapter VI) should not be availed at both the organizations else he will have to pay a huge tax while filing his returns for the year.
Let me know if i can be of any further help to you.
Diwakar
From India, Chandigarh
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SALARY SHEET CALCULATION.xls
Salary calculation.doc