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arun85_chennai
2

Dear Sinha, The info was very useful for all the people..in what way the TAX pocies help’s the HR mgr to frame Hr policies.. regards Arun
From India, Madras
jyothiandraj
Mr Sinha
Kindly solve this case for me.
A person is a contractor. He decides to take up a job instead. He joins a company in mid may 2006. His salary is 12000/-. later he joins a different company in mid of august 2006. His salary is 28000/- so he gets full salary from september 2006.
What is the tax to be deducted by the present company from the salary? Can the company deduct tax from march 2006? because he is in the company only from august 2006. He has rent receipt of 7k pm since august 2006. He has a madiclaim policy of 2600/-. what is the total investment he has to make to save tax?
I would be grateful if you can explain in detail along with calculations.

From India, Mumbai
pradeep.k.b
Slilght correction :
1---10% is the surcharge whenever income exceeds 10 lakhs (10% on balance tax payable after VI A deductions).
2. 2%+1% i.e. 3% on the total net tax payable by any individual (after rebate/deductions/exemptions etc) is levied as Cess. (Education +Higher Education Cess).
With these two corrections, everything else is fine.
Warm Regards,
Pradeep

From India, Delhi
pradepa
17

Download this Xls... ul find it useful
From India, Madras
Attached Files (Download Requires Membership)
File Type: xls tax0708_965.xls (235.5 KB, 132 views)

pradepa
17

Hi,
can anyone help me out
An employee joined my organization on 5th October he is eligible for TDS.
He has not paid any Tax in his previous organization. so he cant provide Form 16 to us. Now in this situation how do i need to compute tax for the financial yr 07-08 for this particular employee?
1) Do not consider about the past, just to calculate for what we pay him
OR
2) Consider his previous compensation and present compensation calculate Tax for total amount?
If am taking the first option can i get the proofs of investments he made during April 07 - Sep 07... is that liable?
Thanks in advance
Pradepa

From India, Madras
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