Plz answer 2 form 16 calculation

Tax queries 2609 views 2 replies

Below are the particulars of 2 form 16 from two different companies for A.Y.2011-12

Form -16
ABC
XYZ
Period

1Apr10 to 30 Sep10

1Oct to 31Mar11

 
 
 

Gross Salary

428960
630400

Less: Allowance Exempt u/s 10

 
 
Conveyance
4800
5600
HRA
89740
107740
 
 
 
Balance
334420
517060
 
 
 

Less: Tax on Employment

1300
1300
 
 
 

Income under head Salary

333120
515760
 
 
 

Less: Loss from house property (sohp)

60000
150000
 
 
 

Less Deductions under Chap VI A

100000
100000
 
 
 

Total Income

173120
265760
 
 
 

Tax on Total Income

1322
10576
Edu Cess
40
317
 
1362
10893
 
 
 
Less TDS
18740
10893

Tax Payable / Refund

-17378
0

 
Tax computation statment prepared considering the above case, plz correct necessary changes required
such as can we claim exemptions allowed in both the form-16. plz if possible support your answer with sections.
 
 







Tax Computation Statement
 

Gross Salary

1059360
 

Less: Allowance Exempt u/s 10

 
 
Conveyance
9600
 
HRA
197480
 
 
 
 
Balance
852280
 
 
 
 

Less: Tax on Employment

2600
 
 
 
 

Income under head Salary

849680
 
 
 
 

Less: Loss from house property (sohp)

150000
 
 
 
 

Less Deductions under Chap VI A

100000
 
 
 
 

Total Income

599680
 
 
 
 

Tax on Total Income

53936
 
Edu Cess
1618
 
 
55554
 
 
 
 
Less TDS
29633
 

Tax Payable

25921
 
 

        Thank you

Replies (2)

IS THAT CALCULATION CORRECT.

PF from ABC was Rs.18340 &

PF from XYZ was Rs.23480

which is included in 80C 100000/- Limit.

PLZ ANSWER

PF contribution will be added from both companies and that amount will be used under sec 80C for deductions.

So 18340 + 23480 = 41820 = total PF contribution. Now remaining 1,00,000 - 41820 = 58180 you should have done some investments under chapter VIA to avail all benefits.


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