Post
by dhilipki » Fri Sep 17, 2004 6:25 am
Hi Everybody,
I have a few questions regarding HSMP, especially earnings. I am presently preparing myself to apply for HSMP in, "Under 28 Years" category since I am 26 years old. I am likely to apply for HSMP in October 2004, and since the income will be calculated for the past 12 months from the date of application I have a question on past earnings.
For the year April 2003- March 2004, my total income has been INR 5,50,000 which is approximately GBP 7145 assuming an average conversion rate of 77 INR per GBP. This income is the gross income which includes various allowances like fuel, conveyance, travel, medical & provident fund. I can obtain letters from my employer to substantiate this claim. But meanwhile, the tax return for the same period reflects only INR 3,55,900, approximately GBP 4622, since the rest was allowances & provident fund. But for the year April 2004- March 2005 my earnings are substantially higher due to a hike and even my tax application form shows a much higher income of around INR 5,13,000 (around GBP 6660). But I am yet to file my returns for the present year (I can file returns only during May 2005) but have payslips and letter from employer for all the months.
My questions are:
a. Can I still apply for HSMP though I have tax returns only for part of the past 12 months and during the same period, the return filed is lesser than 5000 GBP (but with allowances/tax exemptions, it's > 5000 GBP), but while for the rest of the period, I have a higher income reflected even in my tax return forms but I am yet to file my returns?
b. Will income exempt from tax returns but still part of my income, like allowances, etc be considered as past earning?
Please remember that:
a. I can get supporting letters from my employer in addition to the tax return substantiating all my claims
b. I can also supply pay-slips for the past 12 months period in addition to the tax return and supporting letter
Any replies will be very helpful. I know that there has been many posts regarding earnings and I have been trying to locate Ajay's posts on past earnings, but so far haven't got lucky. If anyone could answer this or can give the links in this board, it will very helpful.