No Tags Found!


avantika1909
1

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.

From India, Calcutta
pon1965
604

You can formulate the format and signed declarations shall be taken from the employees. Pon, chennai
From India, Lucknow
avantika1909
1

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?

From India, Calcutta
pon1965
604

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

From India, Lucknow
sgondchar
13

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.

From India, Pune
Attached Files (Download Requires Membership)
File Type: xls IT DECLARATION_Year-2013-14.xls (28.5 KB, 98 views)

avantika1909
1

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 ?
From India, Calcutta
sgondchar
13

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.
From India, Pune
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.