Hi All, I need some help with dual employment scenarios. I am a full-time working professional with Company A. I have an opportunity to work with Company B as well. Both offer me different timings so, there is no issue with timing. However, here is the cache, Company A deducts PF, Medical, and TDS. But Company B only deducts 10% TDS Flat, no other deductions. So now my question is how will my return filing happen in this case. Also, Can company A get to know about my employment with company B due to TDS Clash. Kindly help ASAP
From India, Agra
From India, Agra
Company will generate form16 as per TDS deduction and that will reflect in form26A which can be access by PAN holder only. Due to TDS deduction at two different sources, I don't feel either of the company will know.
From India, Bangalore
From India, Bangalore
Dear Member,
There are 02 aspects of your query:-
1. What could be the consequences if Company A know about your dual employment:- As per my opinion if you are not misusing sources, data, connections and not abolishing the confidentiality related to company A), also check if any confidentiality or dual employment (or part time-extra work) clause is mentioned in appointment letter or specifically mentioned in any policy. If there is no such point then it should not be objectionable by company A. In a ideal and Ethical manner you should inform Company A & B about your dual employment.
2. What will ITR filling status:- On basis of Taxable Income (calculated on basis of Investment Declaration, Deductions and Exemption) Company A will deduct TDS. But in Company B you are working as Professional on which constant TDS is deducted @ 10%. While submitting ITR you have to add Company B income under "Income from Business and Profession". After clubbing the income you have to check under which slab your Income is Taxable (5%, 20% or 30%). After adjusting the Company B TDS you have to pay Income Tax on the balance Income. After clubbing both the income, if the payable Tax is less than 10% you will get Refund (as already 10% TDS deducted).
Since you may be not well aware of the process and it is little difficult, so as per opinion you should take help of any Professional who will properly file your ITR.
Hope the above will clarify your doubts, seniors can suggest more inputs.
From India, Delhi
225There are 02 aspects of your query:-
1. What could be the consequences if Company A know about your dual employment:- As per my opinion if you are not misusing sources, data, connections and not abolishing the confidentiality related to company A), also check if any confidentiality or dual employment (or part time-extra work) clause is mentioned in appointment letter or specifically mentioned in any policy. If there is no such point then it should not be objectionable by company A. In a ideal and Ethical manner you should inform Company A & B about your dual employment.
2. What will ITR filling status:- On basis of Taxable Income (calculated on basis of Investment Declaration, Deductions and Exemption) Company A will deduct TDS. But in Company B you are working as Professional on which constant TDS is deducted @ 10%. While submitting ITR you have to add Company B income under "Income from Business and Profession". After clubbing the income you have to check under which slab your Income is Taxable (5%, 20% or 30%). After adjusting the Company B TDS you have to pay Income Tax on the balance Income. After clubbing both the income, if the payable Tax is less than 10% you will get Refund (as already 10% TDS deducted).
Since you may be not well aware of the process and it is little difficult, so as per opinion you should take help of any Professional who will properly file your ITR.
Hope the above will clarify your doubts, seniors can suggest more inputs.
From India, Delhi
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Enforcement of negative covenants in employment terms.pdf