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