Salary
This query is : Open
31 May 2015
Hello everybody
My problem is that one assessee is taking salary 20000 per month from a firm TDS is not deducted and also obtained commission of rs. 120000 from another firm on which tax has been deducted. is any income of these dis allowable?
My problem is that one assessee is taking salary 20000 per month from a firm TDS is not deducted and also obtained commission of rs. 120000 from another firm on which tax has been deducted. is any income of these dis allowable?
01 June 2015
1) Salaried assessee should include both the said incomes (2.40+1.20)while calculating his IT liability irrespective of whether TDS deducted or not.
2) As for as the salary paying firm is concerned, it is allowable expenditure as the salary paid does not exceed individual basic exemption limit of Rs.2.50 lakh PA. So, the question of disallowance doesnot arise.
2) As for as the salary paying firm is concerned, it is allowable expenditure as the salary paid does not exceed individual basic exemption limit of Rs.2.50 lakh PA. So, the question of disallowance doesnot arise.
01 June 2015
Commission paid (Rs.1.20 lakh) by another firm is not the concern of the salary paying firm unless it was disclosed by that salaried assessee.
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