Notice pay taxation

This query is : Resolved

gautam (Querist)
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26 July 2013 My company stopped operations and I received Notice Pay rs.45,322.00. is it taxable. If not under taxable then which IT section to claim deduction

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 July 2013 when did ur co stopped working and under what sec the amount is demanded to pay?
pls give other details.

Rupesh Jain

Rupesh Jain (Expert)
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26 July 2013 yes any amount reced from employer will taxable as salary.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 July 2013 the author is not emloyee and had company which is stopped and now he rec demand of paying tax.

gautam

gautam (Querist)
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26 July 2013 Sir, I was an employee,my company closed operations on 31st March 2013.gave me following.

1.Gratuity : 69760
Less:Exemption : 69760
Taxable NIL

2.Notice Pay From Salary : 45322, Taxable 45322. Should i claim deduction US 89 for notice pay.
Gautam

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 July 2013 if u were employee and had not paid tax on 45,322 then ur liable to pay.

what is the actual breakup of salary of rs 45,322

gautam

gautam (Querist)
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26 July 2013 My salary breakup as follows

Basic 362580
House Rent Allowance 145032
Less:Exemption 108936 36096

Conveyance/Transport Allowance 9600
Less:Exemption 9600
Other Allowances :
Special Al From Salary 249850
Telephone From Salary 18000
Sodexho From Salary 15000
Special Al From Arrears 1910
Total Other Allowances 284760
Less:Exemption 15000 269760
Medical
Value Of Perquisites 15000
Less:Exemption 15000
Leave Encashment - In Service 53216
Less:Exemption 30215
Taxable 23001
Gratuity 69760
Less:Exemption 69760
Others
Incentives From Salary 39158
Notice Pay From Salary 45322
Total Others 84480
Taxable 84480
Total Gross Salary 775917

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