Hi,
Can anyone help me out? An employee joined my organization on 5th October. He is eligible for TDS. He has not paid any tax in his previous organization, so he can't provide Form 16 to us. Now, in this situation, how do I need to compute tax for the financial year 07-08 for this particular employee?
1) Do not consider the past, just calculate based on what we pay him.
OR
2) Consider his previous compensation and present compensation to calculate tax for the total amount.
If I choose the first option, can I get the proofs of investments he made during April 07 - Sep 07... is that viable?
Thanks in advance,
Pradepa
From India, Madras
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17Can anyone help me out? An employee joined my organization on 5th October. He is eligible for TDS. He has not paid any tax in his previous organization, so he can't provide Form 16 to us. Now, in this situation, how do I need to compute tax for the financial year 07-08 for this particular employee?
1) Do not consider the past, just calculate based on what we pay him.
OR
2) Consider his previous compensation and present compensation to calculate tax for the total amount.
If I choose the first option, can I get the proofs of investments he made during April 07 - Sep 07... is that viable?
Thanks in advance,
Pradepa
From India, Madras
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Income tax and form 16.xls