If the person receiving the salary of 23000p.m for 9 months without tax nd shifted to new job and getting 50000 p.m . At the time of deduction of tds what we have to do??? while deducting tds what should we calculate ? previous+new or new?
ca sweeti gulati (CA Practice ) (90 Points)
30 January 2014If the person receiving the salary of 23000p.m for 9 months without tax nd shifted to new job and getting 50000 p.m . At the time of deduction of tds what we have to do??? while deducting tds what should we calculate ? previous+new or new?
Mihir
(Wealth Manager)
(5293 Points)
Replied 30 January 2014
Rs. 23,000 x 9 = Rs. 2,07,000/-
Rs. 50,000 x 3 = Rs. 1,50,000/-
Total = Rs. 3,57,000/-
If the employee does not have any investments u/s 80C or others, he will have to ask his new employer to deduct TDS for coming 3 month of Rs. 5,300/- each to match his tax liability of Rs. 16,000/-
Wait for more replies.
CA Devanand Jethanandani
(CA)
(8003 Points)
Replied 30 January 2014
Hi Sweeti,
Employee will have to give details of salary he has received from previous employer (along with bifurcation i.e. exempted allowances, deductions etc.), details of investments u/s 80C etc. and figure of other income (if any) to his current employer.
Considering his all these income during the year, the current employer will deduct the TDS accordingly.
Thanks,
CA. Devanand
Rahul jain
(LEARNING & TEACHING)
(435 Points)
Replied 30 January 2014
DEAR MIHIR SIR,
will u be plz xpln the way of ur woking of the xmpl u gave above mentioned TDS???
Nikunj Shiyani
(Executive)
(124 Points)
Replied 30 January 2014
vaibhav jain
(student)
(24 Points)
Replied 30 January 2014
Mihir
(Wealth Manager)
(5293 Points)
Replied 30 January 2014
Total income = Rs. 3,57,000/-
Tax slab = Rs. 3,75,000 - Rs. 2,00,000 = Rs. 1,57,000/-
Tax at 10.3% on Rs. 1,57,000/- approx Rs. 16,000/-
16,000/- divided by 3 months = Rs. 5,300/-
Saurabh Anokhchand Jain
(Chartered Accountant)
(1043 Points)
Replied 30 January 2014
You have to consider salary from previous employer also for deducting TDS
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