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Query regarding it tax

Tax queries 135 views 2 replies

If one employee changes his jobs during a FY suppose in FY16-17. He was drawing a Gross Salary of 10 lac with employer A. He left employer A in the month of Sep'16 and Suppose his employer deducted tax of 250000 from his salary till that, where he showed investemen under differ section to avail benefits. Now He is getting Gross Salary of 15 Lac from Employer B. Now employer B have to deduct his tax before closed of FY 16-17. Now how the calculation will be done  and how that employee can show his investment to new employer. Will the employee get benefits from OCt'16 onwards only. Pls. help on the querry.

 

REgards,

Ravinder

Replies (2)

The query is not very clear. But as understood:: the deductions are based on financial year and not on number of employments. You have tp provide all the details of salary receipts along with TDS of the previous employer, along with investments etc to new employer, so that all these factors are considered before deducting TDS.

Respected Sir,

Sorry for not clearing my point of view.

Query is :-

An employee worked for Co. A till 30th Sept'16. His Gross was 10 lac there and Supposed Co. A deducted Rs. 2.5 lac tax from his salary after considering his investments.

Now Employee is associated with Co. B from 1st Oct 16, where his Gross is 15 lac. Now how to calculate his taxable salary in Co. B. Should consider it from Oct'16 onwards or have to merge two salary and then minus the investment (as per the proofs) made by employee in FY to get final taxabale salary. 

 

 


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