If I join a new company in Dec '07 and if that company demands Form 16 or income tax proof, then:
a) When will I get my Form 16 from the old company?
b) When do I need to show the new company investment proof?
c) If I don't make any investment, will the new company deduct my tax starting from Dec '07 or from April '07?
Vishal
From India, Mumbai
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a) When will I get my Form 16 from the old company?
b) When do I need to show the new company investment proof?
c) If I don't make any investment, will the new company deduct my tax starting from Dec '07 or from April '07?
Vishal
From India, Mumbai
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Hi,
I see that you have to submit your Form 16 to your current organization for tax and employment proof, etc. You can get your Form 16 in the month of June every year. You have to submit your investment proof on or before the months of February and March. If you don't do this, they will deduct your tax as per policy.
Regards, Braja Gopal
From United States, Ogden
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I see that you have to submit your Form 16 to your current organization for tax and employment proof, etc. You can get your Form 16 in the month of June every year. You have to submit your investment proof on or before the months of February and March. If you don't do this, they will deduct your tax as per policy.
Regards, Braja Gopal
From United States, Ogden
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Dear All,
We are approaching the end of the assessment year wherein we all need to file our tax returns. Providing you documents which you may furnish on account of investment proof to claim tax rebates.
Form 12B
Income from Previous Employer
Declaration on Form 12B.
And
Form 16 issued by the previous employer or signed/sealed tax computation sheet from the previous employer.
1. Gross income from the previous employer after deduction u/s 10, i.e., income after leave encashment, etc., i.e., salary income shown against point no 3 in Form 16.
2. PF deducted by the previous employer.
3. Professional tax deducted by the previous employer.
4. Income tax deducted by the previous employer.
Any employee who has worked with more than one employer in any financial year may submit details of earnings from the previous employer in Form 12B. The current employer shall compute tax on the total income of the employee after considering the following details of income from the previous employer:
1. Gross income from the previous employer after deduction u/s 10, i.e., income after leave encashment, etc., i.e., salary income shown against point no 3 in Form 16.
2. PF deducted by the previous employer.
3. Professional tax deducted by the previous employer.
4. Income tax deducted by the previous employer.
However, while generating Form 16 for the year, income from the previous employer shall be ignored for the purpose of calculating taxable income, tax payable thereon, and tax deducted. The details of income from the previous employer shall be shown as a footnote only.
You may download the attachment for complete details and clarification.
Best Regards,
Vasudev
Location Head (HR) - Karnataka Circle
Reliance HR Services Pvt Ltd,
RCOM HOUSE
Ground Floor, B-Wing,
T. Dasarahalli, 8th Mile
Bangalore-57.
Tel: +918030332593
Mob: +919379195009
From India, Mumbai
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3We are approaching the end of the assessment year wherein we all need to file our tax returns. Providing you documents which you may furnish on account of investment proof to claim tax rebates.
Form 12B
Income from Previous Employer
Declaration on Form 12B.
And
Form 16 issued by the previous employer or signed/sealed tax computation sheet from the previous employer.
1. Gross income from the previous employer after deduction u/s 10, i.e., income after leave encashment, etc., i.e., salary income shown against point no 3 in Form 16.
2. PF deducted by the previous employer.
3. Professional tax deducted by the previous employer.
4. Income tax deducted by the previous employer.
Any employee who has worked with more than one employer in any financial year may submit details of earnings from the previous employer in Form 12B. The current employer shall compute tax on the total income of the employee after considering the following details of income from the previous employer:
1. Gross income from the previous employer after deduction u/s 10, i.e., income after leave encashment, etc., i.e., salary income shown against point no 3 in Form 16.
2. PF deducted by the previous employer.
3. Professional tax deducted by the previous employer.
4. Income tax deducted by the previous employer.
However, while generating Form 16 for the year, income from the previous employer shall be ignored for the purpose of calculating taxable income, tax payable thereon, and tax deducted. The details of income from the previous employer shall be shown as a footnote only.
You may download the attachment for complete details and clarification.
Best Regards,
Vasudev
Location Head (HR) - Karnataka Circle
Reliance HR Services Pvt Ltd,
RCOM HOUSE
Ground Floor, B-Wing,
T. Dasarahalli, 8th Mile
Bangalore-57.
Tel: +918030332593
Mob: +919379195009
From India, Mumbai
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As a current employer, I have a question about whether I should include previous employment income and tax deductions for an employee who joined in the middle of the financial year 2008-09.
For immediate reference, I am providing a sample calculation:
Total Income from salary: Rs. 701304
From Previous employer: Rs. 687262
From Current Employer: Rs. 14042
Tax deducted by the previous employer: Rs 125293
Tax deducted by Current employer: Rs. 29,000
In the TDS certificate at Sl No 18 (a), Tax deducted at source u/s 192(10), are we supposed to mention Rs. 154293 or Rs. 29000 (as the current employer's deduction)?
However, the details of Tax deducted and credited to the Central government statement will only show details for Rs. 29000 (i.e., tax deducted and deposited by the current employer).
The problem arises when showing the previous employment tax deduction:
1. It may appear that Rs. 154293 has been deducted, whereas only Rs. 29000 has been deposited.
2. If the current employer shows only Rs. 29000 at Sl No. 18(a), it may seem that the current employer has deducted less tax.
Additionally, the format does not provide any space to show the tax deducted by the previous employer.
How should I proceed in this case?
Can anybody help me with this?
Regards,
Sampath
From India, Madras
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For immediate reference, I am providing a sample calculation:
Total Income from salary: Rs. 701304
From Previous employer: Rs. 687262
From Current Employer: Rs. 14042
Tax deducted by the previous employer: Rs 125293
Tax deducted by Current employer: Rs. 29,000
In the TDS certificate at Sl No 18 (a), Tax deducted at source u/s 192(10), are we supposed to mention Rs. 154293 or Rs. 29000 (as the current employer's deduction)?
However, the details of Tax deducted and credited to the Central government statement will only show details for Rs. 29000 (i.e., tax deducted and deposited by the current employer).
The problem arises when showing the previous employment tax deduction:
1. It may appear that Rs. 154293 has been deducted, whereas only Rs. 29000 has been deposited.
2. If the current employer shows only Rs. 29000 at Sl No. 18(a), it may seem that the current employer has deducted less tax.
Additionally, the format does not provide any space to show the tax deducted by the previous employer.
How should I proceed in this case?
Can anybody help me with this?
Regards,
Sampath
From India, Madras
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Income tax and form 16.xls