Salary

Save Share

This query is : Resolved

Vikram (Querist)

23 November 2009 In May 09, I joned a new job. My pervious employer isued me a salary certificate Having the following details:
Salary u/s 17 --- 45000
Less: Exemption(LTC) --- 65000

Taxable Salary --- (20000)

TDS --- 35000
TDS refundable --- 35000

Please advise as to what shall be the the taxable salary?

Also can we set off the loss with salary paid to me by my current employer?

shakuntala chhangani

shakuntala chhangani (Expert)

23 November 2009 Hi Vikram, is it the correct question? this is because deduction of LTC is given as Rs. 65,000. In any case it can not exceed the amount given by the employer as LTC and included in salary calculated u/s 17. the amount of deduction u/s 10 can not exceed the amount of salary/perq/profit in lieu of salary. regards, CA Shakuntala Chhangani

Vikram

Vikram (Querist)

23 November 2009 Dear Mr Chhangani,
The que is absolutely correct & the best part is this salary certificate is issued by one of the Top 5 ITES company in India.

This is what led me to put this query before this pannel of experts.

GSTP Hari Dhayalan Konar

GSTP Hari Dhayalan Konar (Expert)

23 November 2009 better let us have a copy of that. pls provide scan copy of that in here.

Vikram

Vikram (Querist)

23 November 2009 dear haridhayalan,
I would have loved to put the scanned copy of the Form 16 to bring how the Coropates in India work particularly IT companies, we are so proud of..

But regret, confidentiality issue...

shakuntala chhangani

shakuntala chhangani (Expert)

24 November 2009 Hi again Vikram, pls don't change my gender and kindly put Ms. in your next correspondance.

Vikram

Vikram (Querist)

24 November 2009 I am honestly regretful for the mistake Ms.
Chhangani..(Corrections duly NOTED).. obviously that was not intentional.. However, you see in India we have names & even the way people use, that makes it quite confusing at times with regard to gender.
Take for eg. Kiran, Jasmeet & so on.. use by both genders

Regards,

shakuntala chhangani

shakuntala chhangani (Expert)

27 November 2009 But Shakuntala does not fall in that category