Tax Discrepancy Between Companies
I resigned from my company and joined a new one on April 1, 2019. However, my previous company underwent an internal change from one entity to another in December 2018. Consequently, my Form 26AS is displaying tax payments made to two different companies: 5596 and 1761. Although the Form 16 provided shows a tax amount debited as 1761, my net tax payable adds up to 6629.
What should I do now?
Full and Final Settlement Taxation
My second issue pertains to receiving my full and final settlement in May 2019 from my previous company, totaling 92k. They disbursed this amount after applying a standard deduction of 50k and a professional tax deduction of 200. Should I consider this as income for the current year, or does it fall under the previous year's income?
I look forward to your guidance on these matters.
From India, Bengaluru
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I resigned from my company and joined a new one on April 1, 2019. However, my previous company underwent an internal change from one entity to another in December 2018. Consequently, my Form 26AS is displaying tax payments made to two different companies: 5596 and 1761. Although the Form 16 provided shows a tax amount debited as 1761, my net tax payable adds up to 6629.
What should I do now?
Full and Final Settlement Taxation
My second issue pertains to receiving my full and final settlement in May 2019 from my previous company, totaling 92k. They disbursed this amount after applying a standard deduction of 50k and a professional tax deduction of 200. Should I consider this as income for the current year, or does it fall under the previous year's income?
I look forward to your guidance on these matters.
From India, Bengaluru
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I'm not sure whether you have filed your IT Returns for 2018-19 or not. If not filed yet, you have to rework the taxable income and tax liability for 2018-19 in respect of both companies and see whether the TDS deducted and remitted by both these entities are adequately covered. If there is a shortfall, the short amount can be remitted immediately using your PAN through a challan in an authorized bank together with accrued interest from 1st April 19 till the date of remittance as 'self-assessment tax'. You can obtain the details of TDS remitted by the two entities through TRACES pages of the IT portal and get your Form 16 downloaded, which will give you all details. If you find any difficulties, use the help of a CA known to you or anyone near you. Once this is done, you can file your IT Return on or before 31.7.19.
From India, Bangalore
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1159From India, Bangalore
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