abhishek (CA) (92 Points)
21 November 2014Form-16 shows that Income under the head of Salaries of the employee (other than from perquisites) : Rs. 490356 for financial year 2013-14 and the amount includes previous employer's income of Rs. 338,776 for the period from 01-Apr-2013 to 17-Dec-2013 on the basis of salary certificate/ declaration submitted by the employee.
TDS by previous employer is Rs.11200 and tax deducted by new employer is Rs. 8051.
total deduction under sec.80C is Rs. 100,000.
what will be the tax liability??
Thanks
Neeraj P Chourasia
(Accountant)
(60 Points)
Replied 26 November 2014
| In your case Your taxable income will be as follows: | |||
| Total Salary received from both employers | 490356 | ||
| Less : Deduction for PPF paid | 100000 | ||
| Net Taxable Income | 390356 | ||
| Tax thereon | 19035.6 | ||
| Less : Deduction u/s. 80 TTA | 2000 | ||
| 17035.6 | |||
| Secondary & Higher Sec. cess @ 3% | 511 | ||
| Total Tax payable | 17546.6 | ||
Thanks
CAclubindia
