If you have joined the new company 5 months back...then it must be somewhere in july 2010...the new company is asking for form 16 for FY 10-11 to check your income that you have received from your previous employer, which will help them to know the tax applicable to you.
Old company will give form 16 only after march 2011, i.e. after the financial year ends.
Your payslips for the period April 2010 to June / July 2010, till the period you were working with the old company, can be submitted to the new company where u are working now...
Or else...you can ask your old company to give you "Tax Computation Sheet for the FY 2010-11" which can be submitted to your new company...and tax computation sheet can work as a form 16 document till you get the actual form 16.
Any further queries, let me know...hope i have cleared ur doubts.
28th December 2010
You can go for an alternate by asking your previous employer by issuing you the salary certificate, because Form 16 is the proof for your earning in the particular organization and the same can be given by your previous organization on their letter head with the counter signature of their accounts head.
28th December 2010 From India, Delhi
Thanks for all your suggestions.but i have one more doubt.is it possible to apply a for new form16 with in my new org..bez i got appraisal from jan this year but it bit late to applicable to my salary,before that have below 1.5 lak.i am not sure whether he applied the form16 for me or not.
Can any one please suggest me.
29th December 2010 From India, Hyderabad
First understand what is Form 16.
If you are salaried employee in an organization, then you will get the salary after deducting tax by the employer. This process is called as Tax Deduction at Source (TDS). Every company has to get the TIN. TIN is Tax Identification Number. This number is issued to a person who is responsible to deduct Tax on payments made to employees.
At the end of financial year, company must issue a form 16 which contains the details about the salary earned by that employee and how much tax deducted. It will have details on each month. In simple terms Form 16 is details about the tax deducted by the employer in behalf of employee. The same will be paid to government by the company. Many people think that getting the Form 16 alone is enough for the tax filing. Receiving the form 16 is different from filing the tax returns. Tax payer has to use the Form 16 to file the IT return every financial year end.
For example, if you have worked in two different companies in the same financial year, you must obtain the two Form 16 to file the IT returns.
Form 16 is Certificate of deduction of tax at source under section 203 of the Income Tax Act, 1961. Employers provide TDS certificate to the employees on Form 16.
29th December 2010 From India, Lucknow