I got an appointment letter asking me to submit Form 16 from the previous company on the day of joining. My salary while working in my previous company was below 2 lakh per annum, and I was told by my previous employer that it is not required in my case.
Understanding Form 16
What is this Form 16 exactly? Is Form 16 really not required in the case I mentioned?
From India, Visakhapatnam
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1Understanding Form 16
What is this Form 16 exactly? Is Form 16 really not required in the case I mentioned?
From India, Visakhapatnam
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Form 16 pertains to income tax, and the tax working and paid details will be given in Form 16. In your case, it's not applicable. You can always inform your new company, and if they are not accepting, you can obtain a letter from your previous employer and submit it to them.
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Understanding Form 16
Form 16 is issued to all bona fide staff members who are paid a salary (as per IT Rules 92B). It contains the details of salary, applicability, and deduction of Income Tax, i.e., TDS during the financial year. To view the format, you can visit any site under Google and search for "Form 16."
Usually, it is issued to employees drawing a gross salary of more than Rs. 2.00 lakhs per year. However, upon request, your old employer can issue Form 16.
Your new employer just wants to see what your earnings were with your previous employer; they are not necessarily seeking to confirm your declarations.
Clarification on Professional Tax Deduction
Regarding your statement on Professional Tax Deduction, please clarify the state you belong to. If you are certain, you can ask your employer for a refund.
Regards,
Ramakant
From India, Pune
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Form 16 is issued to all bona fide staff members who are paid a salary (as per IT Rules 92B). It contains the details of salary, applicability, and deduction of Income Tax, i.e., TDS during the financial year. To view the format, you can visit any site under Google and search for "Form 16."
Usually, it is issued to employees drawing a gross salary of more than Rs. 2.00 lakhs per year. However, upon request, your old employer can issue Form 16.
Your new employer just wants to see what your earnings were with your previous employer; they are not necessarily seeking to confirm your declarations.
Clarification on Professional Tax Deduction
Regarding your statement on Professional Tax Deduction, please clarify the state you belong to. If you are certain, you can ask your employer for a refund.
Regards,
Ramakant
From India, Pune
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Income tax and form 16.xls