Notice pay taxation
This query is : Resolved
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
26 July 2013
when did ur co stopped working and under what sec the amount is demanded to pay?
pls give other details.
pls give other details.
26 July 2013
yes any amount reced from employer will taxable as salary.
26 July 2013
the author is not emloyee and had company which is stopped and now he rec demand of paying tax.
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
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
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
what is the actual breakup of salary of rs 45,322
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
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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