Matter of income tax

This query is : Resolved

Guest

Guest (Querist)

25 July 2011 good evening expert,
can u tell me 1 thing that in case that whose return below 5 lakh than sir can u tell me one thing about this rule that .suppose my gross income is 4.50 lakh . and my tax payable is 10056. than sir in case my return will fill by employer if yes than sir how will employer deduct my taxable amt(10056) deduct from my amt.what is the process of it. plz expert

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

25 July 2011 Return filling exemption given to those having taxable salary income Rs.5 lakh below. for subject to the following conditions

(i) has reported to his employer his Permanent Account Number (PAN);
(ii) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;
(iii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;
(iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
(v) has no claim of refund of taxes due to him for the income of the assessment year; and
(vi) has received salary from only one employer for the assessment year.

So employer need to deduct the tax of Rs.10056 from your salary only

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now