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P Tax Deduction

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Arinjit Saha

Asst Manager Finance

21 Points Posted on 25 April 2011

Hello,

Suppossing an employee leaves an organisation on 31st jan his payroll for jan is processed, say his salary is Rs 25001 and tax deducted is Rs 150. The p Tax is paid in due time. Now his full & final settlement is made in February ans a taxable component is added to his salary payable say of Rs 15000. Now if we take the consolidated payable of Rs 40,001, there should be an additional deduction of Rs 50 assalary of rs 40,001 attracts P tax deduction of Rs. 200. Or We can treat the amount of Rs 15,000 further added in Feb and deduct tax of Rs 110 as the amount of Rs 15,000 attracts deduction of Rs 110. Which is the correct deduction?

Replies (1)

U S Sharma

glidor@gmail.com

21670 Points Posted on 25 April 2011

Originally posted by : Arinjit Saha
	Hello, Suppossing an employee leaves an organisation on 31st jan his payroll for jan is processed, say his salary is Rs 25001 and tax deducted is Rs 150. The p Tax is paid in due time. Now his full & final settlement is made in February ans a taxable component is added to his salary payable say of Rs 15000. Now if we take the consolidated payable of Rs 40,001, there should be an additional deduction of Rs 50 assalary of rs 40,001 attracts P tax deduction of Rs. 200. Or We can treat the amount of Rs 15,000 further added in Feb and deduct tax of Rs 110 as the amount of Rs 15,000 attracts deduction of Rs 110. Which is the correct deduction?