Bhartiya AkhilDear Jprs1989,
Any company whether it is a small or big, whether it is registered under ROC or with any other authority or even not registered any-whether, it has to follow the IT Law. When you receive any kind of payment and that payment is in IT bracket, the company is liable to deduct Tax at Source from your payment as per applicable slabs.
You are drawing 18 lakhs per annum as salary from your company. You are certainly in IT bracket. Therefore your company is liable to deduct TDS from your salary qualifying for I.Tax after due exemptions and pay it to IT department.
Your company is certainly in default under the IT Act and this default is very serious. That your company and IT department will see.
Since your income is in tax bracket, you are also responsible and liable to submit your income tax return. You are advised to approach any CA and get your IT return filed by paying due tax from you.
Before that you need to speak to your company and tell them that your income is in income tax bracket and you are liable to file the IT return. Ask the company to issue you Form 16 or salary drawn certificate. If you don't get, your CA will make assessment of your tax liability on the basis of your bank pass book entries.
You can apply for loan on the basis of IT return.
From India, Mumbai
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