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Company did not deduct tds

Tax queries 633 views 4 replies

An assessee worked in two companies in one FY 2013-14.

From one company, he received an income of Rs. 250,000/-, and TDS was deducted at Rs. 1,030/-

From the second company, he received an income of Rs. 450,000/-, and TDS was deducted at Rs. 20,600/- .

The second company did not take the income from the previous company into account and deducted less TDS, due to which, the assessee now is required to pay nearly Rs. 30,000/-.

He has Rs. 50,000/- invested u/s 80C.

Is there any other way to reduce his tax liability?

Thanks.

Replies (4)
No.He suppossed to pay the balance tax.As the both employers might have considered maximum exemption 200000+200000=400000.If you combine income from both employers you will get only 200000/- exemption.
If you want to reduce the tax you may check the followin 1.Medical Allowance-15000,Coveyance allowance-9600 exemption (if allowance given by employer and incurred by employee) 2.Go through HRA calculations if applicable. 3.Housing loan interest and pricipal

Thanks for replying Mr. Reddy.

Can he claim medical reimbursement of 15,000/- which is deductible even if it is not mentioned in form 16?

Yes , he can claim if supporting evidence available even not considered in form16.


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