As far as I know (AFAIK), estimated income, investment details, etc., are collected from employees at the start of the financial year. Can anyone tell me how companies collect these details? Is there a signed declaration form that needs to be collected?
I have the same question regarding the final declarations that are submitted with proof towards the end of the year.
From India, Calcutta
I have the same question regarding the final declarations that are submitted with proof towards the end of the year.
From India, Calcutta
You can formulate the format and signed declarations shall be taken from the employees. Pon, chennai
From India, Lucknow
From India, Lucknow
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 does not have any signed declaration document from employees even until the close of the financial year?
I hope the corrections provided above are helpful. Let me know if you need further assistance.
Regards
From India, Calcutta
I hope the corrections provided above are helpful. Let me know if you need further assistance.
Regards
From India, Calcutta
Reputed companies have implemented the self-service system in their intranet, and employees fill out the relevant proposals online. Some companies do not collect hard copies, but some do. However, if a particular employee fails to produce the necessary proofs by the specified deadline, for example, by the end of January, the entire tax liabilities are deducted from their last three months' salary proportionately. It should be noted that the TDS deduction is the responsibility of the employer, as well as the collection of investment proofs.
Regards,
Pon, Chennai
From India, Lucknow
Regards,
Pon, Chennai
From India, Lucknow
In our company, we take a declaration from employees at the start of the financial year. Based on that, we perform initial calculations and start deducting income tax from the beginning of April or May salary.
In January every year, we collect the actual proofs from employees against their declaration. If they fail to produce the required documents, we add that amount to their income and collect extra tax over the remaining three months.
I have also attached the format for your reference. Please let me know if you need any further details.
Regards.
From India, Pune
In January every year, we collect the actual proofs from employees against their declaration. If they fail to produce the required documents, we add that amount to their income and collect extra tax over the remaining three months.
I have also attached the format for your reference. Please let me know if you need any further details.
Regards.
From India, Pune
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