01 February 2011
sir since we dont have previous employees salary details and our co. regn. is on 19th oct 2010 so we are considering salary from 19th oct to mar 2011 i.e. for 5.419 months for calculating tds on salary sir 80c,80cc,80d (all deduction of 100000 limit) to be taken proprotionately for 5.419 months or for full year i.e. p.a amount to be considered
01 February 2011
You are responsible to get the employees past salary details within the current FY.
Estimation can be done as per your current break-up (till March), Then you should add the taxable salary received from past employment (Apr,10 to 18th Oct,10)to your gross figure.
Deduction under 80C (1lac)can be given by you or past employer cumulatively (no need to do the proportionate calculation). Total can't exceed the max limit.
Now, from the total estimated tax due figure deduct the TDS already deducted by the past employer & divide the balance tax by remaining 5 or 6 as per your convenience.
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