TDS

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Mukesh Kumar (Querist)

28 May 2009 hi everyone
Mr. x who lives in delhi gets salary from a proprietorship firm for two months Rs. 30,000/- p.m. [ Included Conveyance Allowance Rs. 800/- p.m. & HRA Rs. 7,200/-p.m. ]
after that
Mr. x gets director remunaration from his Pvt. Ltd. co. for ten months Rs. 30,000/- p.m. [ Included Conveyance Allowance Rs. 800/- p.m. & HRA Rs. 7,200/- p.m. ]
His LIP is Rs. 27,744/- & His tution fee is Rs. 7,200/-.
He pay Rent 7,000/- p.m.
Pls. calculate TDS.
Thanks in advance
I am waiting for your reply.
Mukesh Kumar
Delhi

CA Swapnila Maheshwari

CA Swapnila Maheshwari (Expert)

28 May 2009 rs.1060pm

Message likes : 1 times

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

28 May 2009 As per my calculation it is coming to Rs.899/- per month.
Basic Salary 22000/-
Taxable HRA 2200/-
Total 24400*12 = 292800
Less: ded u/s 80C = 34944
Net Income = 257856
Basic exemption = 150000 (Assumed not being a senior citizen)

Balance income taxable @ 10% = 107856
Tax = 10785/- divided by 12
= 899/- approx per month

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Mukesh Kumar

Mukesh Kumar (Querist)

28 May 2009 confusion

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

28 May 2009 Request to Swapnila to send detailed calculation. May be there is some difference in assumption for HRA.

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Mukesh Kumar

Mukesh Kumar (Querist)

28 May 2009 Hey Swapnila pls. send ur calculation.
Hey Tarun i think that u r right. but..
I think that tax should be Rs. 925/- p.m.

u calculate right but u did some mistakes
1. u right hra amount above 2200/- p.m. but it doesn't matter cause u wrote below right amount Rs. 24400/-
2. u calculate right tax but didn't add Edu.Cess that is 3% .
What u say ?

Mukesh Kumar

Mukesh Kumar (Querist)

28 May 2009 U know Arun I ask this query to many experts and this is a normal query that every C.A. faces daily in his/her life.
but no one could solved it.
finally I got the result and Only u solved it.
I really apreciate it.
U r the Original C.A.
So hats off u .......
Take vry Gud care of urself.
byeee

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

28 May 2009 Yes Mukesh. I agree that I made a mistake in adding of Education cess @ 3%. I am thankful to you to pointout my mistake. And yes, thanks a lot for appreciating my reply.

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Mukesh Kumar

Mukesh Kumar (Querist)

29 May 2009 Hi Tarun
tell me
How should be Form 16 according to Pvt. Ltd. Co. for above Query.
pls. mail me at my mail id at mkp2685@gmail.com

Mukesh Kumar

Mukesh Kumar (Querist)

29 May 2009 Hi Tarun
tell me
How should be Form 16 according to Pvt. Ltd. Co. for above Query.
pls. mail me at my mail id at mkp2685@gmail.com
i am waiting for ur reply
thanks
Mukesh Kumar

Mukesh Kumar

Mukesh Kumar (Querist)

29 May 2009 Hi Tarun
tell me
How should be Form 16 according to Pvt. Ltd. Co. for above Query.
pls. mail me at my mail id at mkp2685@gmail.com
i am waiting for ur reply
thanks
Mukesh Kumar

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

29 May 2009 There shall be two different TDS certificates. One from that proprietorship concern, and another from the pvt ltd company. In the certificate of the organisation, where the assessee worked in later part of year, you will consider the salary income of previous owner also. And you can will consider the Investments also in that certificate itself, as in first case there was only two months salary, so not falling in TDS in first two months. In last ten months, you need to consider all these things.

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Mukesh Kumar

Mukesh Kumar (Querist)

29 May 2009 ok sir
thanks

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