This is the summary of my form 16 from my one and only e,mployer for thre PY 2011-12. I am using ITR 4 as i have income from profession and other sources as well.
| 1 | Salary (Excluding all allowances, perquisites & profit in lieu of salary).. | 1 | ||||||
| 2 | Allowances exempt under section 10 | 2 | ||||||
| 3 | Allowances not exempt | 3 | ||||||
| 4 | Value of perquisites | 4 | ||||||
| 5 | Profits in lieu of salary | 5 | ||||||
| 6 | Income chargeable under the Head ‘Salaries’ (1+3+4+5) | 6 | ||||||
| Total | 0 | |||||||
I am not able to understand serial no 2
If I fill 251350 (in line 1) and the exemption of my allowance u/s 10 in line 2 the amount is not being subtracted fo the final figure in line 6. Also where do i subtract the professional tax of 2,200? (along with section 10 exempted allowance?_
Or should i just fill the figure of income under heading salary (Rs 240350) as per the Form 16
Gross Salary 251,350.00
Exemption U/S 10 8,800.00
Balance 242,550.00
Empmnt tax (Prof Tax) 2,200.00
Aggrg Deduction 2,200.00
Incm under Hd Salary 240,350.00
Gross Tot Income 240,350.00
Agg of Chapter VI 9,900.00
Total Income 230,450.00
PLEASE HELP ME I HAVE ONLY HOURS TO GO!
THANKS
CAclubindia
