Notice Period Salary
This query is : Resolved
11 May 2010
Hi,
I have query about any exemption regarding notice period salary. As per my old company norms, I have to serve notice period of two months.But I didnot served and instaed paid them for two months. One month salary amount has been paid by my new company and other month I have paid.Tax has been deducted by new company.
Is there any exemption for the amounts as this is not my income?
I have query about any exemption regarding notice period salary. As per my old company norms, I have to serve notice period of two months.But I didnot served and instaed paid them for two months. One month salary amount has been paid by my new company and other month I have paid.Tax has been deducted by new company.
Is there any exemption for the amounts as this is not my income?
11 May 2010
This actual salary income only.because your obilgation is to pay notice period that is paid by the new company so it is taxable only
11 May 2010
One month salary paid by new employer is taxable in your hands-new employer discharges your monetary obligation
One month salary paid by you from your pocket is not eligible for any tax benefits-it is treated as "application of salary" on par with your spend for food, clothes etc
Please check the following link-
http://www.taxworry.com/2007/04/notice-pay-to-employer-is-not.html
One month salary paid by you from your pocket is not eligible for any tax benefits-it is treated as "application of salary" on par with your spend for food, clothes etc
Please check the following link-
http://www.taxworry.com/2007/04/notice-pay-to-employer-is-not.html
12 May 2010
agreed with Mr. Rao.
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