Sgondchar
Hr, Admin & Operations
Pon1965
Construction
+1 Other

Thread Started by #avantika1909

Hello
AFAIK , estimated Income, investment details etc are collected from the employees at the start of the financial year.
Can anyone tell me, how do companies collect the details? Is there any signed declaration form to be collected?
Same query I have for final declarations submitted with proof towards the end of the year.
27th March 2014 From India, Calcutta
You can formulate the format and signed declarations shall be taken from the employees. Pon, chennai
27th March 2014 From India, Lucknow
Thanks.
1)Is the signed declaration taken at the start of the year as well. (as it may be an estimate only)?
2)What if a company doesnot have any signed declaration document from employees even till the close of the financial year?
27th March 2014 From India, Calcutta
Avantika,
Reputed companies have implemented the self service system in their intranet and the employees fill the relevant proposals online. They don't collect hard copies, some collect hard copies. Any how, the particular employee failed to produce the proofs at the time prescribed say Jan end, the entire tax liabilities are deducted in their last 3 months salary proportionately. It may be noted that the TDS deduction is the responsibility of the employer as well as collecting investment proofs.
Pon, Chennai
27th March 2014 From India, Lucknow
Hello,
In our company we do take the declaration from employee at the start of Financial year and based on that we do initial calculation and start deducting income tax from start of April or May salary.
In January every year we collect the actual proofs from employee against his declaration if they fail to produce that then we add that amount in their income and collect extra Tax in rest 3 Months.
I Have also attached format for your reference.
Let me know if you need any details.
28th March 2014 From India, Pune

Attached Files
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File Type: xls IT DECLARATION_Year-2013-14.xls (28.5 KB, 90 views)

Thank You Sunil and Pon. Can you also tell me, are the declarations required to be "Signed" both at the start of the year and in Jan as well? Some employes may not have all the proofs by Jan ?
28th March 2014 From India, Calcutta
Yes it has to be signed by the respective employee while submitting the same. In case of any change then we do take the new/revised declaration in the Month of Jan. We have made the files for employees and we add their income tax proofs in that.
28th March 2014 From India, Pune
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