I had been working in a company for 9 months (starting from April) where they had been deducting tax TDS from the income. After that, I had joined another company for much lesser pay, where they were not deducting any TDS.
When I calculated my total income for the year April 2008-09 (from both companies), it was less than the 1.50 Tax bracket. Now how do I proceed with the Tax filing or the Tax return??
Since I do not have to pay any tax and I have already paid a certain amount of tax through TDS (for 9 months), I have to only file for my returns, right??
Please help.
From India, Bangalore
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When I calculated my total income for the year April 2008-09 (from both companies), it was less than the 1.50 Tax bracket. Now how do I proceed with the Tax filing or the Tax return??
Since I do not have to pay any tax and I have already paid a certain amount of tax through TDS (for 9 months), I have to only file for my returns, right??
Please help.
From India, Bangalore
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Dear,
Whether you are earning less or more than 1.50 lacs, you should always file your Income Tax returns (as per the law). In your current case, you will have to file your IT as usual and submit your Form 16 (in original) with the return. You will get a refund of the excess amount of tax paid if any.
From India, Pune
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2Whether you are earning less or more than 1.50 lacs, you should always file your Income Tax returns (as per the law). In your current case, you will have to file your IT as usual and submit your Form 16 (in original) with the return. You will get a refund of the excess amount of tax paid if any.
From India, Pune
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Thank you for the reply.
I need to obtain the Form 16 from the previous company and payslips from the current company as the necessary documents for filing returns. Are there any additional documents required?
In my new company, Rs. 1000 is deducted per month from the base salary. This deduction will be provided to me after completing one year in the company. My question is, should I include this Rs. 1000 per month (for the three months of 2009) when calculating the Total Income for the financial year 2008-09?
From India, Bangalore
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I need to obtain the Form 16 from the previous company and payslips from the current company as the necessary documents for filing returns. Are there any additional documents required?
In my new company, Rs. 1000 is deducted per month from the base salary. This deduction will be provided to me after completing one year in the company. My question is, should I include this Rs. 1000 per month (for the three months of 2009) when calculating the Total Income for the financial year 2008-09?
From India, Bangalore
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first of all check out whther the new company deducting 1000 rs in the security head or not.
From India, Delhi
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From India, Delhi
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Srt for posting in wrong theread 1stly as m new to citeHR. By any chance can HRA amount be more than basic(in the rarest cse). Also can it go more than 50 pecent in any chance.
From India, Mumbai
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From India, Mumbai
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There is no mention of a security head. The basic salary includes the 1000 deduction. Should it be considered for gross income even though I don't receive it until I complete 1 year? (The company is giving only basic salary, no PF, HRA, etc., and the 1000 is getting deducted from this Basic).
Also, Rashmi2b, kindly start a new post. In my old company, HRA exemption equals the minimum of either (actual HRA or 40% of Basic+DA (50% for metros) or actual rent paid - 10% of Basic+DA).
From India, Bangalore
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Also, Rashmi2b, kindly start a new post. In my old company, HRA exemption equals the minimum of either (actual HRA or 40% of Basic+DA (50% for metros) or actual rent paid - 10% of Basic+DA).
From India, Bangalore
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