Hi ,
Recently one employee joined us in the month of Jan-09. He says that he has not claimed anything under 80 C from his previous company. I asked him to submit form 16 as a proof so that we can consider 1 Lakh exemption under 80c, but he said his previous employer is not ready to issue the form 16 until Mar-09. Please let me what shall i do in this case.
Thanks..
From India, Hyderabad
Recently one employee joined us in the month of Jan-09. He says that he has not claimed anything under 80 C from his previous company. I asked him to submit form 16 as a proof so that we can consider 1 Lakh exemption under 80c, but he said his previous employer is not ready to issue the form 16 until Mar-09. Please let me what shall i do in this case.
Thanks..
From India, Hyderabad
Let him get form 16 from his previous employer separately. You can also issue separate form 16 reflecting the TDS made by you. If his salary income for the coming three months is not expected to cross Rs 150000 ( or Rs 180000 if woman), you need not deduct any tax from source. But if he has furnished his past income and is willing for deduction of tax for the forthcoming period also, you can deduct tax and mention the past salary income in your form 16 as other income furnished by the assessee. It is purely the responsibility of the individual employee to file IT returns after collecting form 16 from the previous employer and the one issued by you.
Since he has not given any proof that he didnot claim any benefit u/s 80 C, you can not assess based on his statement. As such it is better to go not withstanding any investment by him. Therefore, you need not take the investment details for this year. If any investment is made, he can take refund from the Income Tax after filing the returns.
From the next assessment year onwards due deduction shall be made from from salary of April 2009.
Please correct me, if I am wrong.
Regards,
Madhu.T.K
From India, Kannur
4249Since he has not given any proof that he didnot claim any benefit u/s 80 C, you can not assess based on his statement. As such it is better to go not withstanding any investment by him. Therefore, you need not take the investment details for this year. If any investment is made, he can take refund from the Income Tax after filing the returns.
From the next assessment year onwards due deduction shall be made from from salary of April 2009.
Please correct me, if I am wrong.
Regards,
Madhu.T.K
From India, Kannur
His previous employer can issue the form 16 after the filing the eTDS return for the Q3 by 15.01.09 (Already passed) stating the acknowledgement numbers of the efiling. You may ask him for the form 16 else deduct the tax and issue the form 16 from your company before the 30.04.09 after filing the eTDS Return.
From India, Jaipur
From India, Jaipur
Dear Madhu,
Sorry for Late reply, I feel this we can handle simple....
a) Fine he is not having the form 16. Dontworry ask him to produce the proof of investment. IF proof of investment is there Surely he can claim at either of the place under section 80C - Therefore look at the Proof of Investment
b) Next to compute the Tax.. Find out the No of Months of he worked in the previous organisation and collect the payslips.
If all the pyaslips are not there , take latest Payslip and multiply by no of months worked. Then you will get the Total salary. See whether any tax is deducted in Payslips.
c) The Total salary as per the previous employer + Current salary in your Organisation will be the Salary for the Purpose of Income Tax. From that deduct the 80 C Investment and FInd out the Tax. I think you know the income Tax rules and calculations.
Please feel free to reach me on 9986398828 for any other doubts..
Cheers,
Ajay
From India, Bangalore
Sorry for Late reply, I feel this we can handle simple....
a) Fine he is not having the form 16. Dontworry ask him to produce the proof of investment. IF proof of investment is there Surely he can claim at either of the place under section 80C - Therefore look at the Proof of Investment
b) Next to compute the Tax.. Find out the No of Months of he worked in the previous organisation and collect the payslips.
If all the pyaslips are not there , take latest Payslip and multiply by no of months worked. Then you will get the Total salary. See whether any tax is deducted in Payslips.
c) The Total salary as per the previous employer + Current salary in your Organisation will be the Salary for the Purpose of Income Tax. From that deduct the 80 C Investment and FInd out the Tax. I think you know the income Tax rules and calculations.
Please feel free to reach me on 9986398828 for any other doubts..
Cheers,
Ajay
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls