Form 24 q

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Avinash (Querist)

27 January 2014 Greeting to all,
In 24Q one col. is "Amount Paid/Credited".
I want to know how this amount will be calculated.
as per me below should be formula
Gross earning for the month
Add :- Taxable Perquisites for the month
Less :- Exemption (Edu. Hostle, Conveyance etc.) for the month
Balance amount will be taxable amount.

Regards,
Avinash

@VaibhavJ

@VaibhavJ (Expert)

27 January 2014 Hi

Yes only Taxable Gross Salary to be mentioned.

Thx

Avinash

Avinash (Querist)

27 January 2014 Thanks, but should I consider ded. under chapter VI A

@VaibhavJ

@VaibhavJ (Expert)

27 January 2014 Yes, you have to mention amount on which TDS is deducted.

Thx

Avinash

Avinash (Querist)

27 January 2014 Dear sir,
Amount on which TDS is deucted is derived after given deduction u/s. 80C,CCG, D,DD,E,EE etc. as well as ded. u/s. 24b. But 24Q ask about the taxable salary not the Total Income.
Pls. submit your views.

thanks

@VaibhavJ

@VaibhavJ (Expert)

27 January 2014 Hi

Pl note yo have to mention Net Taxable salary on which TDS deducted since you will be mentioning the same amount in Q4, if you mention Gross Amt before such deduction then you will receive notice from TRACES since they consider higher of income reported in Anx1 of Q1 to Q4 or Anxx2.

Thx

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