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Re: Previous employement tax details

Former Member
0 Kudos

Dear all,

How we can maintain IT 0580(previous employment tax details). My question is  suppose if an employee joined in mid of the financial year (20.09.2011). salary break ups are as follow..

from 20.09.2011 onwards his                                       01.04.2011 to 30.08.2011

Basic                35200                                                     28000                                    

Hra                   17600                                                     14000

lta                      2933                                                       2000

Medical              1250                                                       1250

furnishing           11117                                                     10000

attire allowance    1500                                                     12000

conveyance           800                                                         800

how should i maintain IT 580. Please specify me.

Regards

Bachi

Accepted Solutions (0)

Answers (2)

Answers (2)

Sujith_EM
Active Contributor
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It is to map the how much tax deducted for previous employment right ?

You have to map how much salary received by the employee , how much he contributed for PTax and PF , how much exemption he got under section 10 and for Medical 17(2), how much perquisite , how much income tax - educational sess and surcharge deducted .

Why the wage type wise entry required.... ask the employee to provide the details .. and enter the relevant in IT0580

sikindar_a
Active Contributor
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You will define tax details of the employee So , what to do with the pay structure ?

Former Member
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Hi Sikindar,

Please ignore above pay structure..I mentioned in come tax computation as on 09.01.2012

Salary as per provisions contained in sec. 17(1)

  • Basic                                                            623831
  • HRA                                                             280724
  • Lta exgratia                                                     62100
  • Lta taxable                                                     -14090
  • Gratuity                                                          910933
  • Annual driver allowance                                       3453
  • Annual food coupon taxable                                  377
  • Annual grade allowance                                   325408
  • variable incentive                                              300967
  • Annual leave encashment                                 329520
  • Annual performance pay allowance                     25455
  • Annual vehicle allowance                                   10963
  • CAR Maintenance                                             22213
  • Additional gratuity                                             10000

Value of Perquissites U/S 17(2) [as per form no 12 Ba]

  • car_perq                               29913
  • Loan perq                             22860
  • Gross Income                    2944627

Less Exempt U/S 10

  • Gratuity Exemption                      768085
  • Leave Exempt                             300000
  • Total Exemptions u/s 10             1068085

Less Ded U/S 16

  • Tax on Employment                      2000

Less Ded U/S 80 C

  • Annual provident fund                74860
  • VPF                                        49906
  • Rebate                                   100000

Less Ded U/s 80S

section 80 D                            3015

Total investments U/S 80          3015

Taxable Income                1,771,530

Tax calculations are

  • Tax                                  383459.00
  • Cess                                 11504.00
  • Total tax                          394963.00
  • Tax deducted till date        314377.00 (16.01.2012)
  • Net tax payable                  80586.00

If any thing require please specify me. these are all details related to Previous employment details

Now which amounts we have to maintain in IT 580. Please specify me clear details on this.

Regards

Bachi

sikindar_a
Active Contributor
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You will get

Annual Gross Salay

Sec 10

Provident Fund

Leave Encashment

Professional Tax

and availed Exemption if any shd be clubbed and to be maintained in IT0580  in breif

Former Member
0 Kudos

Please tell me what are the amounts i have to enter in IT0580. This is what  i am  expecting.

Please specify me if its possible.