Very urgent tax query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2014
My aunty got multiple form 16 because she worked with 1 employer from April 2013 to December 2013 and with 2nd employer from January 2014 to March 2014.
With employer 1 she got 501530/- as salary (gross total income after all deductions) to which 31215/- have been deducted correctly.
With employer 2 she got 269040/- as salary (gross total income) to which 5051/- was deducted as TDS
But when the 2 incomes are typed in ITR, it shows a further 50000+ is to be paid as tax including 234B and 234C interest.
Is it because she failed to tell her former employer details and salary to the present employer and the present employer only calculated the salary given by him in Form 16?
And is it because of the higher slab rates of the combined income above 500000/-?
Is there any solution to this dilemma? Or is it inevitable that my aunt should pay the remaining amount as tax?
please advice as soon as possible.
With employer 1 she got 501530/- as salary (gross total income after all deductions) to which 31215/- have been deducted correctly.
With employer 2 she got 269040/- as salary (gross total income) to which 5051/- was deducted as TDS
But when the 2 incomes are typed in ITR, it shows a further 50000+ is to be paid as tax including 234B and 234C interest.
Is it because she failed to tell her former employer details and salary to the present employer and the present employer only calculated the salary given by him in Form 16?
And is it because of the higher slab rates of the combined income above 500000/-?
Is there any solution to this dilemma? Or is it inevitable that my aunt should pay the remaining amount as tax?
please advice as soon as possible.
24 July 2014
It is because both the employer has considered slab rates. Now she has to pay tax,there is no other alternatives available to this. Even she has to pay interest as well.
25 July 2014
She is going into 20% Tax slab but since earlier salary income was not disclosed employer deducted TDS @10% tax slab and therefore less TDS deducted.
No way out. Your aunt need to pay the remaining tax along with interest.
No way out. Your aunt need to pay the remaining tax along with interest.
25 July 2014
As per income details provided by you, total tax payable would be Rs.86637.42 = 86638/- out of which total TDS deducted Rs.36266. So remaining liability of Rs.50372/- you are liable to pay.
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