Mr.R was working...
1)with XLtd till date 31/7/2011 his salary was--------------------------------- Rs50000 p/m
2)then he joined Y Ltd.wef. 1/8/2011 his salary was-------------------------Rs.60000 p/m
ypu have to compute the tax deductable by X ltd and Yltd assuming they subbmited the salary details alongwith the copy of form 16 on 1/8/2011 itself
Solution:
| particulars | Rs. | tax to be deducted at source |
| salary for the month of April paid in May | 50000 | 4635## |
| salary for the month of may paid in june | 50000 | 4635 |
| salary for the month of june paid in july | 50000 | 4635 |
| salary for the month of july paid on july 31st | 50000 | Nil *** |
| total TDS | 13905 |
here the calculation of Tds is as follows
50000pm x 12 mts=6,00,000
Tax on Rs.6lac in ----------------------------------------------Rs 52000 (how?) isn't it supposed to be accor. to the slab rates
edu cess----------------------------------------------------------Rs 1560
total --------------------------------------------------------------------53560
for Tds pm -53560/12=Rs.4463
My questions is---
1)where did amt.Rs4635 come from --> (##)(Isn't it supposed to be Rs4463)
2)why the TDS for july is nil ----> (***)(why isn't Tds charged?will it be charged in future?)
3)where did tax payable of Rs 52000 arise
Can anyone tell me about 1 and 2 from above questions
plz help
CAclubindia
