Assistance required in TDS calculation for the new employee in the middle of FY, Income Tax

[Jitender Sharma]

Dear Sir/Madam,

 

I have two queries first one is Medical allowance is fully taxable or not. If it is taxable how could we adjust employees bill of Rs. 15000/- per year  as per sec 10 of income tax act

and the second one is I need help in the calculating the exact tax for the new employee he didn't gave form 16 of previous employer for current F.Y.; instead he gave Form 26AS for the first quarter. HIS Salary details for Previous employer as per salary slips are :: 

 

Month	Amount	Company            TAX Deducted
Apr	46620.00		Previous Company	Rs. 1,000/-
may	46620.00		Previous Company	Rs. 1,000/-
june	46620.00		Previous Company	Rs. 1,000/-
july	46620.00		Previous Company	NIL

August

23310.00

Previous Company

NIL

 

 

His salary Details is as follow for our company. Joining Date  : 15-08-2013

 

BASIC	31000.00
HRA	15500.00
MEDICAL	1250.00
CONVEYANCE	800.00
TPT ALLOWANCE	1600.00
SPECIAL ALLOWANCE	11850.00
TOTAL	62000.00

 

Please advice regarding the exact amount of tax to be deducted and how it need to be calculated

 

Thanks in advance

Posts / Replies

[MANDAVILLI RAMAKRISHNA]

you can rely on 26AS instead of form no. 16.

medical allowance exempt to the extent of medical expenses incurred 

transport allowance is exempt to the extent of incurred amount

HRA as per section 13A read with rule 2A

you can rely on the details given by the employee regarding on previous incomes