Tax calculation if employed in more than 1 company in a FY

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B.Sathish Kumar

25 Points Posted on 22 June 2011

Hi,

I was working for a company from Apr 2010 to Dec 2010 and joined another company(current) from Jan 2011. I have both Form-16s.

in 1st company(Apr-Dec 2010): in current company(Jan-Mar2011):

gross salary - Rs. 5,75,365.00 gross salary - Rs. 3,11,617.96

TDS - Rs. 26,536 TDS - Rs. 2,590

I think due to the 2 times chapter VIA deduction and 2 times tax slab exemption, the TDS are less and i need to calculate chapter VIA and tax slab as 1 time, is this correct ?. till now i have not paid any self-assessment tax. please someone let me know under what section in 234B , 234C i will have to calculate.

Thanks,

B.Sathish Kumar

Replies (2)

Dipjyoti Majumdar

CA in service & CS. dipmaj@

3519 Points Posted on 22 June 2011

Aggregate the net salary from both employers after deductions under conveyance, medical, HRA etc if any. Then avail the chapter VIA deductions. If your tax liability is more than TDS, you have to pay self assessment tax.

234B interest is payable on assessed tax, ie tax payable less TDS. you pay 1% for 3 months from 1/4/11 till 30/6/11 assuming the return will be filed by 30/6/11.