Respected Experts


I have a query regarding Tax deduction from salary Is it possible that gratuity being tax exempt be deducted from the very first month of joining a company

For eg Mr A joins a company XYZ ltd with a gross salary of Rs 12 lacs PA.His basic gross salary is 40% of his gross salary which is Rs 480000 pe and gratuity is given to him at the rate of Rs 276923.08 PA. This amount of gratuity is part of his CTC of Rs 12 lacs but is exempt from IT as the limit is Rs 10L.

If it is OK to pay then should it be paid as a lump sum amount or every month as a head in the salary.

Can the organisation do this for a given employee to reduce his tax burden.


Please clarify my query. I would be much obliged


ROSHINI ARYA

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Q.. Mr .X - salary income-530000 , interest income from post office-15000. calculate total income of Mr. X

Ans.-income under the head salary
salary income= 530000

income under the head other source
interest income= 15000
exempt u/s 10(15)=15000 = nil
gross total income= 530000
deduction under chapter- 6(80c-80u) 80TTA-interest income from post office= 10000
total income = 520000

Hi..dear
Good morning
My question is can head office transfer VAT amount 100% to another branch established in another state.
For exam-
Head office in new Delhi purchased in Delhi, stored in Delhi central stores office,After requisition from Branch in MP state issue goods and total VAT amount paid already at time purchase.
Can do this type practice plz suggest as soon as possible.

Sir/Mam

I have just completed my 2 Years and 1 month articleship. My parents are shifting from 1 place to another due to some domestic reasons. I just want to know what type of proof are required to be submitted to my CA for taking transfer and is it complusory that i cant register myself as article within 50 km of earlier city.
Please reply me as soon as possible as it is very urgent.

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Dear sir

I am doing audit of a shipyard situated in goa. It also manufactures the propellors of ships. For this it has a separate machinig shop. All the required material is purchased in india. During the manufacture of these propellors, ‘Powder like iron’ emerges along with the main product. This along with waste steel sheets (used for ship construction) is sold as scrap to local ‘bhangarwallas’. As per the Income Tax Act, TCS has to be collected at source in case of scrap sale but, in this case it is not possible as these local bhangarwallas are not big parties and no sale invoice is issued to them. Further when I took this query to the proprietor of the yard he told me that these local bhangarwallas do not have PAN therefore it is not possible to collect the tax at source. The total amount realised from such sale during the year is Rs. 19,33,004. I am giving amounts as appearing in the the ledger of scrap sale below.All these entries are on different dates.
Please have a look on the ledger and let me know wether this is violating the Income Tax Act. If yes, please suggest me a solution for this problem

Regards

Prajot

11200.00

10800.00

19200.00

17800.00

12700.00

13200.00

18350.00

14500.00

15500.00

16750.00

28200.00

40700.00

14500.00

12800.00

18300.00

32900.00

19100.00

24100.00

15400.00

24800.00

12800.00

15600.00

19300.00

23400.00

32500.00

28600.00

18800.00

25700.00

30100.00

41800.00

28800.00

15100.00

29900.00

39900.00

21900.00

22800.00

40100.00

14900.00

15500.00

15700.00

23600.00

35400.00

47986.00

44991.00

42987.00

34993.00

40983.00

35790.00

37988.00

46996.00

38978.00

33979.00

20769.00

31999.00

45692.00

27990.00

45644.00

25985.00

43977.00

30984.00

27990.00

12558.00

27000.00

40524.00

28908.00

45909.00

23909.00

27700.00

38592.00

28400.00

19803.00