Q4.

A person received monthly salary of 60000 pm from April to Dec in A ltd.On 1 Jan he left A ltd and joined B Ltd @ 65000 pm. Calculate TDS to be deducted by A ltd and B ltd?

-a-

There can be 2 cases

  1. Details of Previous Company given to new company
  2. Details of Previous Company not given to new company

 

 

Details of Previous Company given to new company

TIME PERIOD APRIL - DEC JAN - MAR
MONTHLY SALARY 60000 65000
ANNUAL SALARY 720000 735000
TAX 56500 59500
REBATE 0 0
NET TAX 56500 59500
CESS 1695 1785
TAX+ CESS 58195 61285
MONTHLY TDS 4850 5878
NET SALARY 55150 59122

WORKING  NOTE

Particular Amount
TOTAL TAX 61285
TAX ALREADY DEDUCTED 43650
BALANCE TAX 17635
BALANCE MONTHS 3
TDS BALANCE TAX 5878

Details of Previous Company not given to new company

TIME PERIOD APRIL - DEC JAN - MAR
MONTHLY SALARY 60000 65000
ANNUAL SALARY 720000 195000
TAX 56500 0
REBATE 0 0
NET TAX 56500 0
CESS 1695 0
TAX+ CESS 58195 0
MONTHLY TDS 4850 0
NET SALARY 55150 65000

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Q5.

A person received monthly salary of 60000 pm from April to Dec in A ltd.He remained jobless for 10 days and from 11 Jan he  joined B Ltd @ 65000 pm.

Calculate TDS to be deducted by A ltd B ltd ?

-a-

There can be 2 cases

  1. Details of Previous Company given to new company
  2. Details of Previous Company not given to new company

 

 

Details of Previous Company given to new company

TIME PERIOD APRIL - DEC JAN - MAR
MONTHLY SALARY 60000 65000
ANNUAL SALARY 720000 714032
TAX 56500 55306
REBATE 0 0
NET TAX 56500 55306
CESS 1695 1659
TAX+ CESS 58195 56966
MONTHLY TDS 4850 4439
NET SALARY 55150 60561

WORKING NOTE

Particular Amount
TOTAL TAX 56966
TAX ALREADY DEDUCTED 43650
BALANCE TAX 13316
BALANCE MONTHS 3
TDS BALANCE TAX 4439

Details of Previous Company not given to new company

TIME PERIOD APRIL - DEC JAN - MAR
MONTHLY SALARY 60000 65000
ANNUAL SALARY 720000 174032
TAX 56500 0
REBATE 0 0
NET TAX 56500 0
CESS 1695 0
TAX+ CESS 58195 0
MONTHLY TDS 4850 0
NET SALARY 55150 65000

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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