10-17-2011, 06:51 PM
Please help me understand.
If I work for an organization (say Employer-1) for 5 months (July-November) in FY 2011-2012, and then leave to work for some other employer (say Employer-2) for the rest of the FY 2011-2012.
Is the Employer-1 entitled or obliged to prorate my taxable income and calculate the tax for 5 months, as if I were to receive the Employer-1 salary for the whole financial year.
Example
--------
Employer-1 pays monthly salary - Rs.100,000=
Total paid (July-November 2011) - Rs.500,000=
What total tax should the Employer-1 calculate - ??
Pro-rate ? Yes/No ?
Employer-2 pays monthly salary - Rs.90,000=
Total paid (December 2011 - June 2012) - Rs.630,000=
Provided, I submit tax certificate from Employer-1
What total tax should the Employer-2 calculate - ??
Consider total salary paid in FY 2011-2012 (including paid by Employer-1 and Employer-2) to determine tax slab ?
If I work for an organization (say Employer-1) for 5 months (July-November) in FY 2011-2012, and then leave to work for some other employer (say Employer-2) for the rest of the FY 2011-2012.
Is the Employer-1 entitled or obliged to prorate my taxable income and calculate the tax for 5 months, as if I were to receive the Employer-1 salary for the whole financial year.
Example
--------
Employer-1 pays monthly salary - Rs.100,000=
Total paid (July-November 2011) - Rs.500,000=
What total tax should the Employer-1 calculate - ??
Pro-rate ? Yes/No ?
Employer-2 pays monthly salary - Rs.90,000=
Total paid (December 2011 - June 2012) - Rs.630,000=
Provided, I submit tax certificate from Employer-1
What total tax should the Employer-2 calculate - ??
Consider total salary paid in FY 2011-2012 (including paid by Employer-1 and Employer-2) to determine tax slab ?