Tax implication due to job change in a financial year

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2012 Dear Members,

This is my 1st post on this forum.I have been working with a Firm A for a long time and decided to quit in November end 2012.
As per my Tax Sheet till November
Gross Salary : 9,50,000
HRA Exemption : 1,10,000
Conveyance : 9,600
Medical Exemption : 15000

Also i declared 80(c) of 100,000 at start of FY.
So my Tax Liabilty without any ivestment is 76,000 out of which 54,000 has already been deducted by November.

Now i am joining a new firm B from December with a Salary of 13,00,000 per annum.

Question
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1)Before quitting Firm A,they are asking me to submit my investment proof(as i claimed 100,000 in 80C at start of FY) or else they will deduct tax if any at final settlement.
But if i calculate the salary, A has paid me for 8 months(April 2012 to Nov 2012),hence my tax should be around 45,000 which is LESS than what has already been deducted.
Am i correct in calculating the Income,HRA and all other component in pro rata basis for ONLY 8 months.

2)If i invest 50,000 now and claim it for 80C with Firm A,can i claim same 50k with new firm B?

Please pardon my ignorance and would be grateful for a detailed reply.

Thanks,
Techkid011

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

05 December 2012 Yes, the salary and exemptions shall be computed on pro rata basis.

Deduction in respect of a particular investment will be allowed only once.

You will have to provide your salary details and TDS to the new company and they will compute TDS on the total salary.

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