Login  |  Register  |  Forgot Password 
Below Login Ad
All Queries |  Resolved Queries |  Today Queries |  Become an expert Ask Query

Please Help: Salary

Posted Date : 28-Nov-2012 , 01:47:57 pm | Posted By: RIDDHISH SHAH

Category : Income Tax | Answers : 0| Comments : 2| Hits: 171

I have resigned from service of the Bank on 09.09.2012 and started my own CA practice. I have to pay Rs. 50000/- for shortfall of notice period to the Bank and Bank has recovered Rs. 50000/- from P.F. and Gratuity payable to me. During Current f.y. 2012-13, I have received of Rs. 5,12,000/-as salary .i.e. up to 09.09.2012. Can I Claim Rs. 50000/- as deduction from Salary of Rs. 5,12,000/-. If eligible for deduction,under what section. this is for deduction of TDS from salary.

Comments
Posted By : Vipul Jadhav 18-Dec-2012, 08:07:01
yes. claim it as general deduction Please note that employment agreements is not valid in india and can be contested in the court. Therefore you can claim that amount from your bank as well.
 
Posted By : Bhaskar 01-Dec-2012, 02:18:41
Dear Riddhish, salary is taxable on accrual basis whether it is received or not. If you are entitle for salary tnan it is taxable. In your case the deduction of rs.50k is in the nature of penalty and it is not the TDS from salary. Hence you can not claim any deduction for this deduction.
 

Search By Categories

More Categories

Hall of Fame for Queries
Name Pic Queries Rank
Rambabu Senkarasetti 569 17
 
Vaneet Gupta 560 12
 
CA Satuti Mahajan 360 27
 
Ashish Karundia 317 13
 
Rishabh Upadhyay 300 23
 

Search Question:

 
 
www.casansaar.com
...keeps you updated

Home

  |  News

  |  Articles

  |  Discussion

  |  CA Firms

 |  Members

 |  CA Community

 |  Jobs

 |  Empanelment

 |  Files

 |  Matrimonial

 |  Students zone

 |  Queries

 |  Classified Ads

 |  Events

 |  About us

 |   Top Members

 |  Coaching Centres

  | Testimonials

 | Judiciary

 | Videos

 | Notifications/Circulars

 | Book

 | eDirectory

 | Interview

 | Website

 | Emails

 | Software

 |  Score Board

 |   Press Release  

 |   Blood Bank  

  |   Opinion Poll  

  |   Feedback
 |   Advertise us

 |   Terms & Conditions

 |   Refund Policy

 |   Contact us
 |   Blog

  |   Sitemap

  |   Auditing

  |   Bank

  |   Bank branch audit

  |   Banking

  |   Black Money

  |   CA

  |   CA Announcement

  |   TDS

  |   Students Zone

  |   Custom

  |   VAT

  |   Service Tax

  |   Corporate Law

  |   General

  |   Excise

  |   SEBI

  |   Finance

  |   GST

  |   ICAI

  |   FEMA

  |   ICWAI

  |   ICSI

  |   DGFT

  |   RBI

  |   IFRS

  |   CAG

  |   Budget

  |   Merger & Acquisitions

  |   International Business

  |   Shares & Stock

  |   Excel Tips

  |   International Taxation

  |   ITR

  |   Chartered Accountant

  |   Tax Audit

  |   Companies Act

  |   Money Laundering

  |   MCA

  |   Income Tax Refund

  |   NPA

  |   Income tax software

  |   CST

  |   CA Exams

  |   CA Results

  |   CBDT

  |   Accounting Standards

  |   DIN

  |   Judical Announcement

  |   MDP

  |   PAN

  |   Whats App

  |   Secretarial Standards

  |   NGO

  |   CA Convocation

  |   Finance Bill

  |   ICAI Notification

  |   CARO

  |   COMPANIES SECRETARY

  |   Accounts

Follow Us : Twitter Icon Facebook Icon Orkut Icon Linkedin Icon Linkedin Icon
Developed By: CASANSAAR Copyright © casansaar
About Us Advertise - Terms & Conditions

Top Accounting Firms,CA COMMUNITY,CA SANSAAR,Chartered Accountant,Ca Networking Firms,Partner Portal,Ca Assignments,CA,Online Communities For Chartered Accountant,Circle For Ca,CS,CMA and FINANCE,Articles By CA / CS / CMA,accounting news articles,Ca Firms In Delhi,CA ANNOUNCEMENT

accounting jobs,article trainees,best website creator,empanelment,income tax slab, ITR, TDS Chart,budget of india 2014-15,gst,auditing,Income tax,students zone,cpt,community matrimony for ca,Classified Ads,Community Matrimony For Ca,Students Zone,Coaching Classes,Company Secretary,Cost Accountant,Judiciary.