23 November 2009
In May 09, I joned a new job. My pervious employer isued me a salary certificate Having the following details: Salary u/s 17 --- 45000 Less: Exemption(LTC) --- 65000
Taxable Salary --- (20000)
TDS --- 35000 TDS refundable --- 35000
Please advise as to what shall be the the taxable salary?
Also can we set off the loss with salary paid to me by my current employer?
23 November 2009
Hi Vikram, is it the correct question? this is because deduction of LTC is given as Rs. 65,000. In any case it can not exceed the amount given by the employer as LTC and included in salary calculated u/s 17. the amount of deduction u/s 10 can not exceed the amount of salary/perq/profit in lieu of salary. regards, CA Shakuntala Chhangani
23 November 2009
Dear Mr Chhangani, The que is absolutely correct & the best part is this salary certificate is issued by one of the Top 5 ITES company in India.
This is what led me to put this query before this pannel of experts.
23 November 2009
dear haridhayalan, I would have loved to put the scanned copy of the Form 16 to bring how the Coropates in India work particularly IT companies, we are so proud of..
24 November 2009
I am honestly regretful for the mistake Ms. Chhangani..(Corrections duly NOTED).. obviously that was not intentional.. However, you see in India we have names & even the way people use, that makes it quite confusing at times with regard to gender. Take for eg. Kiran, Jasmeet & so on.. use by both genders
CAclubindia
