Calculation of Income: On payroll of 2 organizations

[martian786]

Dear All

Kindly provide your expert opinion about the following:

I am regular employee of a large public sector organization X and presently working on deputation with another public sector organization Y.

I get my regular salary, bonus and other benefits from Y. While I draw certain benefits like medical from my parent organization X. Structure of my salary is linked to the policy of parent of organization X. My current organization Y deducts my pension contributions and loan re-payments from my salary and remits to the parent organization X.

This year organization X offered discretionary options to all of its employees including me to get one time payment against forfeiting certain future benefits. I availed this option of one-time payment.

All taxes due were deducted from the payments made by the both organizations. I maintain two seperate bank accounts for the two organizations. All payments were made through banks accounts and are properly documented.

My question is that can I show benefits derived from two organizations as my income? Further Can I declare one-time payment received from X as my income for HSMP purpose?

Regards

Mart

[hsmpseek]

Keeping it simple..

If you are falling under *Salaried Employment*, then all income that is shown in your salary slip can be considered. You are paying income tax for the income you draw from both companies. Submitting tax papers will make your case stronger.

You can explain your dual company case in covering letter to avoid confusion.

HSMP Seek

[bilalofned]

Hi Martian786

As a simple rule, all benefits mentined on your Salary slips and reflected in your bank account accordingly after a must deduction (Tax) are considered as a part of your earnings. To further make it concrete, get a letter from your employer stating the same.

Thanks

Dear All

Kindly provide your expert opinion about the following:

I am regular employee of a large public sector organization X and presently working on deputation with another public sector organization Y.

I get my regular salary, bonus and other benefits from Y. While I draw certain benefits like medical from my parent organization X. Structure of my salary is linked to the policy of parent of organization X. My current organization Y deducts my pension contributions and loan re-payments from my salary and remits to the parent organization X.

This year organization X offered discretionary options to all of its employees including me to get one time payment against forfeiting certain future benefits. I availed this option of one-time payment.

All taxes due were deducted from the payments made by the both organizations. I maintain two seperate bank accounts for the two organizations. All payments were made through banks accounts and are properly documented.

My question is that can I show benefits derived from two organizations as my income? Further Can I declare one-time payment received from X as my income for HSMP purpose?

Regards

Mart

[martian786]

Thank you dear for yout helpful suggestions.

Mart