Hi,
I have one query in my mind. I have been transfered from one unit to other unit within the same group. But the location is different. I want to ask that if my salary is taxable and i want my salary not to de deducted, for this purpose will i have to show my savings in previous company or in present unit? As you must be aware that last date for filling the IT Return is 31st march 2012.
Thanks is advance.
Regards
From India, Ghaziabad
14I have one query in my mind. I have been transfered from one unit to other unit within the same group. But the location is different. I want to ask that if my salary is taxable and i want my salary not to de deducted, for this purpose will i have to show my savings in previous company or in present unit? As you must be aware that last date for filling the IT Return is 31st march 2012.
Thanks is advance.
Regards
From India, Ghaziabad
Dear Pooja,
you can show in the present unit itself.
Anyway your combination of salary from old unit & new unit will be shown in Form 16. so you can show all your investments / payments according to various section like 80C, 80D, 80G etc and submit the same to finance and get the maximum exemption from TDS.
From India, Mumbai
you can show in the present unit itself.
Anyway your combination of salary from old unit & new unit will be shown in Form 16. so you can show all your investments / payments according to various section like 80C, 80D, 80G etc and submit the same to finance and get the maximum exemption from TDS.
From India, Mumbai
Dear Pooja
Please ask your query clearly. If you are transferred within the same company, then there will not be any previous employer. If you joined in new task, then obviously you must submit your Savings details to the new employer and you can give the copy of the same to previous employer, so that they can incorporate the same in your Form 16 too.
From India, Kumbakonam
Please ask your query clearly. If you are transferred within the same company, then there will not be any previous employer. If you joined in new task, then obviously you must submit your Savings details to the new employer and you can give the copy of the same to previous employer, so that they can incorporate the same in your Form 16 too.
From India, Kumbakonam
I also agree with Mr. Bhaskar. Transfer doesn't mean to change in employment but in a location of employment. You also have admit that there is just a difference of location and you have transferred from one unit to another.
Second if you are transferred to another unit with promotion with hike in salary and now it bcm taxable income, you can go for investment/saving as suggested by Mr. Shenbagarajan K
From India, Gurgaon
Second if you are transferred to another unit with promotion with hike in salary and now it bcm taxable income, you can go for investment/saving as suggested by Mr. Shenbagarajan K
From India, Gurgaon
Mr. Pooja
* The reply given by Mr. Baskar is 100% valid and holds good for any one
* First of all you have to make your mind that you have to pay income tax for your income, so that you are helping the our India to carryout all development process.
* You can carryout Tax planning process and not tax avoidance process.
* If you are not paying the tax, then nobody will help in in future from the clutches of Income tax department
* I wish you all the best in your life, by paying eligible and correct tax
CA.V.Ravindran, Salem TN
From India, Selam
* The reply given by Mr. Baskar is 100% valid and holds good for any one
* First of all you have to make your mind that you have to pay income tax for your income, so that you are helping the our India to carryout all development process.
* You can carryout Tax planning process and not tax avoidance process.
* If you are not paying the tax, then nobody will help in in future from the clutches of Income tax department
* I wish you all the best in your life, by paying eligible and correct tax
CA.V.Ravindran, Salem TN
From India, Selam
Hi Pooja,
Please follow the following steps:
1. Get the confirmation about your transfer, is it to a different unit or just a location change. You can ask your HR or finance about the status of unit as per Income Tax Act (Like having different TAN)
2. If the answer to above is that you have been trafd to another unit of the group, then you have to show all your investement to the employer you employed with at present. Please take care of the HRA part as this can be claimed and given only by the respective employer. I mean your present emplpyer can not allow the benefit of HRA for the tenure you were with your earlier organisation. You need to submit the necessary documents to avail HRA benefit to your previous employer/unit.
3. You need to report the earlier unit's income to the present unit to calculate and deduct final tax on your income. In case you failed to report your earlier income to your present employer you may have to pay tax with interest at the time of filing of your individual return. Its always advisable to report your all income from different sources to the employer.
4. The last date mentioned by you may be to submit documents to your employer. The date for filing Income Tax Return with the Income Tax authorities will be 31st July.
Hope this clarifies. Feel free to revert and keep posting.
Regards
Anjani
From India, New Delhi
Please follow the following steps:
1. Get the confirmation about your transfer, is it to a different unit or just a location change. You can ask your HR or finance about the status of unit as per Income Tax Act (Like having different TAN)
2. If the answer to above is that you have been trafd to another unit of the group, then you have to show all your investement to the employer you employed with at present. Please take care of the HRA part as this can be claimed and given only by the respective employer. I mean your present emplpyer can not allow the benefit of HRA for the tenure you were with your earlier organisation. You need to submit the necessary documents to avail HRA benefit to your previous employer/unit.
3. You need to report the earlier unit's income to the present unit to calculate and deduct final tax on your income. In case you failed to report your earlier income to your present employer you may have to pay tax with interest at the time of filing of your individual return. Its always advisable to report your all income from different sources to the employer.
4. The last date mentioned by you may be to submit documents to your employer. The date for filing Income Tax Return with the Income Tax authorities will be 31st July.
Hope this clarifies. Feel free to revert and keep posting.
Regards
Anjani
From India, New Delhi
Dear Pooja,
I have gone through your query. Please remember that the IT Act does not relate to employers but to income. Regardless of the fact whether you have been transfered or got a new job you have to show the income received from both the units/organisations in your ITR. Of course in support of the income from the previous employer you have to attach form 16.
Regards
S.K.Johri
From India, Delhi
I have gone through your query. Please remember that the IT Act does not relate to employers but to income. Regardless of the fact whether you have been transfered or got a new job you have to show the income received from both the units/organisations in your ITR. Of course in support of the income from the previous employer you have to attach form 16.
Regards
S.K.Johri
From India, Delhi
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