Hi all,
My friend has received two form 16 for the AY 10-11(one from previous employer and another from present employer).
Previous employer form 16 details:
INCOME CHARGEABLE UNDER THE HEAD SALARIES- 149917. 80C DEDN.- 6977. TDS - 1198.
Present employer form 16 details:
INCOME CHARGEABLE UNDER THE HEAD SALARIES- 72425. 80C DEDN.- 4658. TDS - 0.
My calculation is - Total tax liability is Rs.5223 TDS- Rs,1198. Tax to be paid on self assessment Rs.4025/-. Is it right?
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TAX CALCULATION
Replies (5)
Dear Mr. Umapathy,
Kindly note the following :
1. The PT paid has to be deducted and the Income from salaries to be shown after that for tax calculation purpose.
2. Interest u/s 234 B and C to be taken care and paid .
No
yes u r calculation is correct
total salary income...222342 less 80 c deduction 11635 = taxable 210710 rounded off
tax incl education cess is 5223 less TDS 1198 = PAYABLE 4025 /
SECTION 234 B & C WILL COME IN FORCE ONLY IF LIABILITY TO PAY TAX AFTER DEDUCTING TDS EXCEEDS RS 10000. NOT REQ IN U R CASE. ONLY CONSIDERED 234 A
Gross Taxable Income = 222342
Less Ded u/s 80C = 11635
Net Taxable Income = 210707
R/o to nearest 10 = 210710
Tax Payable = 10% on 50,710 = 5071 + 3% (152.13) = 5223.00
less TDS = 1198
Tax Payable = 4025.
ITR - 1 is required
Regards
As per the provisions the employee needs to declare the income of one employer with the other. So there wont be any issue of two tds certificates. Now in your case what you have done is correct. Please add interest u/s 234a,b and c. ok
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