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one of my friend worked in two company.From april 18 to nov 18 one company and Dec to Mar 19 new company.Both of them issues form 16 and both the companies salary income,deductions should be taken or not?
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Of course both the companies salary is to be taken into account.
salary from new company for 4 mnths is below taxable limit.so no tds dedcted by old company.That salary when added with old one exceeds basic limit.There arises tax liability . This tax should be paid right?
Dear Divyya,
You must be considered the income from from salary arises from both the companies.
if such companies do not deduct TDS and after considering the income if your income exceed basic exemption limit you required to filed return and paid the tax if any arises from them.
@ Divya Priya: Afer Adding Both Companies salary, you can consider standard deduction of Rs. 40,000/- (as singly) & HRA exemption (Both Company) you can also consider PF Deduction Amount (Employee Share) under 80 C then after rest amount will be taxable.
But how do salaries arise from these two companies. And what about the rate of personal income tax?
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