I am very happy that I came across your tax calculator in the site, www.citehr.com
I have clarification regarding my income tax computation. Please clarify the same.
I was working for my previous company (Say ‘X’) from April 2007 to October 2007
. Now I am working in a company say ‘Y’ from October 2007
to till date. I got the Form 16 of Both the companies.
Main issue is while I was joining ‘Y’ (New) company I did not disclose the income of my previous company. Also, I have shown my savings (Around 1 lakh) in my previous company as well as in new company. Since the income was less in my new company in my new company, less tax got deducted (around 4k)
Since I have shown the Savings in both the companies, it is as good as showing savings twice in a financial Year right? Means for Ex: 1 lakh in my previous company and 1 lakh here too. So I am claiming for a 2 lakh tax exemption from my taxable income right?
In these scenarios how the tax will be calculated.
Eagerly waiting for your reply.
Rohit 30th June 2008 From India, Hyderabad