28 May 2009
hi everyone Mr. x who lives in delhi gets salary from a proprietorship firm for two months Rs. 30,000/- p.m. [ Included Conveyance Allowance Rs. 800/- p.m. & HRA Rs. 7,200/-p.m. ] after that Mr. x gets director remunaration from his Pvt. Ltd. co. for ten months Rs. 30,000/- p.m. [ Included Conveyance Allowance Rs. 800/- p.m. & HRA Rs. 7,200/- p.m. ] His LIP is Rs. 27,744/- & His tution fee is Rs. 7,200/-. He pay Rent 7,000/- p.m. Pls. calculate TDS. Thanks in advance I am waiting for your reply. Mukesh Kumar Delhi
28 May 2009
As per my calculation it is coming to Rs.899/- per month. Basic Salary 22000/- Taxable HRA 2200/- Total 24400*12 = 292800 Less: ded u/s 80C = 34944 Net Income = 257856 Basic exemption = 150000 (Assumed not being a senior citizen)
Balance income taxable @ 10% = 107856 Tax = 10785/- divided by 12 = 899/- approx per month
28 May 2009
Hey Swapnila pls. send ur calculation. Hey Tarun i think that u r right. but.. I think that tax should be Rs. 925/- p.m.
u calculate right but u did some mistakes 1. u right hra amount above 2200/- p.m. but it doesn't matter cause u wrote below right amount Rs. 24400/- 2. u calculate right tax but didn't add Edu.Cess that is 3% . What u say ?
28 May 2009
U know Arun I ask this query to many experts and this is a normal query that every C.A. faces daily in his/her life. but no one could solved it. finally I got the result and Only u solved it. I really apreciate it. U r the Original C.A. So hats off u ....... Take vry Gud care of urself. byeee
28 May 2009
Yes Mukesh. I agree that I made a mistake in adding of Education cess @ 3%. I am thankful to you to pointout my mistake. And yes, thanks a lot for appreciating my reply.
29 May 2009
Hi Tarun tell me How should be Form 16 according to Pvt. Ltd. Co. for above Query. pls. mail me at my mail id at mkp2685@gmail.com i am waiting for ur reply thanks Mukesh Kumar
29 May 2009
Hi Tarun tell me How should be Form 16 according to Pvt. Ltd. Co. for above Query. pls. mail me at my mail id at mkp2685@gmail.com i am waiting for ur reply thanks Mukesh Kumar
29 May 2009
There shall be two different TDS certificates. One from that proprietorship concern, and another from the pvt ltd company. In the certificate of the organisation, where the assessee worked in later part of year, you will consider the salary income of previous owner also. And you can will consider the Investments also in that certificate itself, as in first case there was only two months salary, so not falling in TDS in first two months. In last ten months, you need to consider all these things.
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