Salary
This query is : Resolved
21 November 2019
Dear All,
If an employee worked 5 months in a A organization and 7 months in B organization then, B organization how to deducted his income tax from salary.
A organization Salary Rs.500000/-
B Organization Salary Rs.700000/-
Thanking you
Kumar
If an employee worked 5 months in a A organization and 7 months in B organization then, B organization how to deducted his income tax from salary.
A organization Salary Rs.500000/-
B Organization Salary Rs.700000/-
Thanking you
Kumar
22 November 2019
Wok sheet for computation of income tax to be prepared showing separately old employment income and existing employment incom and total tax liability is to be worked out.. The deduction under section 10 like house rent, reimbursement uniform, children education and professional tax is to be deducted separately for old and existing employment based on documentary evidence submitted by the employee.. Similarly standard deduction, deduction under section 80C ,80 D to be deducted for both the employments based on the submission of document submitted. Then total tax liability is to be worked out and TDS deducted from previous employment to be subtracted and the remaining amount to be deducted in equal installments in the existing employment.
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