If i join a NEW company in DEC 07 and if that company demands for form 16 or Income Tax proof then ....
a) When will i get my Form 16 from OLD company
b) when do i need to show the NEW company Investment Proof
c) If i dont do any investement, then the new company will deduct my
tax starting from Dec 07 or from April 07
vishal
From India, Mumbai
a) When will i get my Form 16 from OLD company
b) when do i need to show the NEW company Investment Proof
c) If i dont do any investement, then the new company will deduct my
tax starting from Dec 07 or from April 07
vishal
From India, Mumbai
Hi,
See you have to submit ur form16 to ur current organisation for ur tax,employment proof etc.You can get ur form 16 in the month of june every year.You have to submit ur investment proof on or before in the month of feb & mar.If u don't do it then they will deduct ur tax as in policy.
Regards,
Braja Gopal
From United States, Ogden
See you have to submit ur form16 to ur current organisation for ur tax,employment proof etc.You can get ur form 16 in the month of june every year.You have to submit ur investment proof on or before in the month of feb & mar.If u don't do it then they will deduct ur tax as in policy.
Regards,
Braja Gopal
From United States, Ogden
:idea:Dear All,
We are approaching the End of the Assessment Year wherein we all need to file our tax returns.
Providing you Documents which you may furnish on Account of Investment Proof to Claim Tax Rebates.
Form 12B
Income from previous employer
Declaration on Form 12B.
And
Form 16 issued by previous employer or signed/sealed tax computation sheet from the previous employer
1. Gross income from previous employer after deduction u/s 10. i.e. income after leave encashment, conv., etc i.e. salary income shown against point no 3 in Form 16
2. PF deducted by previous employer.
3. Professional tax deducted by previous employer.
4. Income tax deducted by previous employer.
Any employee who has worked with more than one employer in any financial year may submit details of earnings from previous employer in Form 12 B. The current employer shall compute tax on total income of the employee after considering following details of income from previous employer
1. Gross income form previous employer after deduction u/s 10. i.e. income after leave encashment, conv., etc i.e. salary income shown against point no 3 in Form 16
2. PF deducted by previous employer.
3. Professional tax deducted by previous employer.
4. Income tax deducted by previous employer.
However, while generating Form 16 for the year, income from previous employer shall be ignored for the purpose of calculating taxable income, tax payable thereon and tax deducted. The details of income from previous employer shall be shown as footnote only.
You may download the Attachement for Complete details and clarification
Best Regards,
Vasudev
Location Head (HR)- Karnataka Circle
Reliance HR Services Pvt Ltd,
RCOM HOUSE
Ground Floor, B- Wing,
T.Dasarahalli,8th Mile
Bangalore-57.
Tel : +918030332593
Mob : +919379195009
From India, Mumbai
3We are approaching the End of the Assessment Year wherein we all need to file our tax returns.
Providing you Documents which you may furnish on Account of Investment Proof to Claim Tax Rebates.
Form 12B
Income from previous employer
Declaration on Form 12B.
And
Form 16 issued by previous employer or signed/sealed tax computation sheet from the previous employer
1. Gross income from previous employer after deduction u/s 10. i.e. income after leave encashment, conv., etc i.e. salary income shown against point no 3 in Form 16
2. PF deducted by previous employer.
3. Professional tax deducted by previous employer.
4. Income tax deducted by previous employer.
Any employee who has worked with more than one employer in any financial year may submit details of earnings from previous employer in Form 12 B. The current employer shall compute tax on total income of the employee after considering following details of income from previous employer
1. Gross income form previous employer after deduction u/s 10. i.e. income after leave encashment, conv., etc i.e. salary income shown against point no 3 in Form 16
2. PF deducted by previous employer.
3. Professional tax deducted by previous employer.
4. Income tax deducted by previous employer.
However, while generating Form 16 for the year, income from previous employer shall be ignored for the purpose of calculating taxable income, tax payable thereon and tax deducted. The details of income from previous employer shall be shown as footnote only.
You may download the Attachement for Complete details and clarification
Best Regards,
Vasudev
Location Head (HR)- Karnataka Circle
Reliance HR Services Pvt Ltd,
RCOM HOUSE
Ground Floor, B- Wing,
T.Dasarahalli,8th Mile
Bangalore-57.
Tel : +918030332593
Mob : +919379195009
From India, Mumbai
I have a question, as a current employer, whether I should previous employment income and tax deduction of one of the employee who joined in the middle of financial year 2008-09.
For immediate reference I am giving below sample calculation:
Total Income from salary : Rs. 701304
From Previous employer : Rs. 687262
From Current Employer : Rs. 14042
Tax deducted by previous employer : Rs 125293
Tax deducted by Current employer : Rs. 29,000
In TDS certificate at Sl No 18 (a) Tax deductedat source u/s 192(10 are we suppose to mention Rs.154293 or Rs.29000 ( as current employer deduction)
But the details of Tax deducted and credited to Central govt. statement will show only details for Rs 29000 ie tax deducted and deposited by current employer.
Now the problem is in case I show the previous employment tax deduction:
1. It seems that Rs 154293 has been deducted whereas only Rs 29000 has been
deposited.
2. If the current employer shows only Rs 29000 at sl No. 18(a), it seems that current employer has deducted less tax
Also the format does not provide any space to show Tax deducted by previous employer.
How to proceed in this case?
Can anybody help me in this.
Regards
Sampath
From India, Madras
For immediate reference I am giving below sample calculation:
Total Income from salary : Rs. 701304
From Previous employer : Rs. 687262
From Current Employer : Rs. 14042
Tax deducted by previous employer : Rs 125293
Tax deducted by Current employer : Rs. 29,000
In TDS certificate at Sl No 18 (a) Tax deductedat source u/s 192(10 are we suppose to mention Rs.154293 or Rs.29000 ( as current employer deduction)
But the details of Tax deducted and credited to Central govt. statement will show only details for Rs 29000 ie tax deducted and deposited by current employer.
Now the problem is in case I show the previous employment tax deduction:
1. It seems that Rs 154293 has been deducted whereas only Rs 29000 has been
deposited.
2. If the current employer shows only Rs 29000 at sl No. 18(a), it seems that current employer has deducted less tax
Also the format does not provide any space to show Tax deducted by previous employer.
How to proceed in this case?
Can anybody help me in this.
Regards
Sampath
From India, Madras
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