Hi,
I was working in a big MNC company where I was getting a good salary. I left the organization a few days back and joined a new startup company where I am getting my salary in hand. They couldn't provide me with the Form-16, but I want to file my IT return as I will get my Form-16 from the previous company.
Kindly advise me on how I can file my IT return since I am not getting my Form-16 here. I am a regular IT payer.
Regards,
Santosh
From India, Calcutta
Acknowledge(0)
Amend(0)
I was working in a big MNC company where I was getting a good salary. I left the organization a few days back and joined a new startup company where I am getting my salary in hand. They couldn't provide me with the Form-16, but I want to file my IT return as I will get my Form-16 from the previous company.
Kindly advise me on how I can file my IT return since I am not getting my Form-16 here. I am a regular IT payer.
Regards,
Santosh
From India, Calcutta
Acknowledge(0)Amend(0)
Hi, Take from 16 from both the comalines and file ur income tax return after 31 march 2010. Warm Regards, CA Vikas Goel
From India, Mumbai
Acknowledge(0)Amend(0)
11From India, Mumbai
Acknowledge(0)Amend(0)
Hi Mr. Vikas,
I know that I need the Form-16 from both companies, but in my current organization, they couldn't provide me with the Form-16 because it's a very small organization. Could it be possible for me to take the salary receipt from my current organization and the Form-16 from my previous organization to file the return? This is a little complicated question. Please provide me with your valuable advice.
Thank you.
From India, Calcutta
Acknowledge(0)Amend(0)
I know that I need the Form-16 from both companies, but in my current organization, they couldn't provide me with the Form-16 because it's a very small organization. Could it be possible for me to take the salary receipt from my current organization and the Form-16 from my previous organization to file the return? This is a little complicated question. Please provide me with your valuable advice.
Thank you.
From India, Calcutta
Acknowledge(0)Amend(0)
Dear Mr. Santosh,
You can file your IT return without Form-16. Please calculate your salary details, investments, and exemptions if any, and file your return accordingly. As per my knowledge, nowadays there is no need to attach any documents with the IT return.
Seniors, please correct me if I'm wrong...
Regards, Sanjay Gupta 9871018121
From India, Delhi
Acknowledge(0)Amend(0)
You can file your IT return without Form-16. Please calculate your salary details, investments, and exemptions if any, and file your return accordingly. As per my knowledge, nowadays there is no need to attach any documents with the IT return.
Seniors, please correct me if I'm wrong...
Regards, Sanjay Gupta 9871018121
From India, Delhi
Acknowledge(0)Amend(0)
Hi Sanjay,
You are bang on target. You don't need Form 16 for filing your tax return. However, you need to know the bifurcation of salary between taxable income and exempted income. Form 16 provides easy access to these details.
Mr. Bose, even if your current employer is a small company, the position still remains the same that they have to issue you a Form 16 for the amount of tax deducted.
Warm Regards, Ca Vikas Goel
From India, Mumbai
Acknowledge(0)Amend(0)
You are bang on target. You don't need Form 16 for filing your tax return. However, you need to know the bifurcation of salary between taxable income and exempted income. Form 16 provides easy access to these details.
Mr. Bose, even if your current employer is a small company, the position still remains the same that they have to issue you a Form 16 for the amount of tax deducted.
Warm Regards, Ca Vikas Goel
From India, Mumbai
Acknowledge(0)Amend(0)
Hi Sanjay, You can take salary certificate from your current employer for the perticular period. I have submitted my IT return with salary certificate (without Form-16). Regards, Bhavik Shah
From India, Himatnagar
Acknowledge(0)Amend(0)
From India, Himatnagar
Acknowledge(0)Amend(0)
[QUOTE=Santosh.bose;1015590]
Hi,
I was working in a big MNC company where I was getting a good salary. I left the organization a few days back and joined a new startup company where I am getting a salary in hand, so they couldn't provide me with the Form-16. However, I want to file my IT return as I will get my Form-16 from my previous company.
Kindly advise me on how I can file my IT return when I am not getting my Form-16 here. I am a regular IT payer.
Regards,
Santosh
Dear Santosh,
Income Tax Return for 2009-10 will be due to be submitted only after 31st March 2010. TDS Certificate in Form 16 or 16aa will also be due to be issued by your new employer only after 31st March 2010, but not later than 30th of April after the close of the financial year. So, your employer, irrespective of whether he is a big or small employer, has to issue Form 16. There is no exemption about it. However, if no taxable income is worked out in your employment with the new employer, he is not liable to issue any Form 16.
Here in your case, it seems you have not informed the salary particulars that you received from the last employer to the new employer, and thus there may not be taxable income with your new employer. BUT, you still have time to formally submit your salary particulars and Income Tax deduction details concerning your last employer to the new employer to enable him to make tax adjustments and deduction at source from your salary of January and February 2010. Once the tax is deducted at source by your new employer, he will have to provide you Form 16 of his portion of deduction at source.
The provision of the Income Tax Act is that if the employee changes employment during the year or receives income from another employer also during the year, he must inform the DDO to club the same with the income from the current employment to facilitate correct deduction of tax at source and to avoid a penalty.
Although I have discontinued writing my Income Tax Guide for employees after the issue for 2007-08, the main issues would still be valid for general guidance. So, a copy of the Income Tax Guide of 2007-08 is attached herewith for yours as well as other interested persons' guidance.
However, I am reproducing below also the "TDS Essentials for Employees" as well as "TDS Essentials for Employers" for the guidance of one and all concerned.
PS Dhingra
Transformation & Vigilance Consultant
Dhingra Consultancy Group
New Delhi
T.D.S. ESSENTIALS FOR EMPLOYEES
Tax Deduction at Source (TDS) is made at the source by the employer from the Salary Income of the employee. To help himself as well as his employer for the deduction of the correct amount of tax, certain guidelines are given below for the guidance of the employees.
1. If an employee does not have any other source of income except the Salary Income, and his total income from salary income exceeds the maximum amount not chargeable to tax, he may take the following steps:
(a) Make an estimate of his total annual income from salary at the beginning of the Financial Year in which the income may come into the range of taxable income for planning his Tax for the year to come;
(b) Apply for the Permanent Account Number (PAN), if not already taken, to the Income Tax Authority, within the current Financial Year, but not later than the 31st of May of the Assessment Year, i.e., up to the 31st May after the close of the Financial Year to which the income is related, as the same has to be quoted in the Income Tax Return to be filed up to 31st of July. The PAN may also be needed to be quoted on other various important documents;
(c) Calculate the amount of approximate tax likely to be deducted at source by his employer/D.D.O.;
(d) Plan savings of his tax by gradual small investments in various eligible tax-saving schemes every month to avoid year-end hardship by last-minute rush for a lump sum investment;
(e) Inform his Employer/D.D.O., full particulars of savings already made and likely to be made during the Financial Year so that the employer/D.D.O. may not deduct excess tax from his pay;
(f) The employee may intimate his PAN to his Drawing and Disbursing Officer, failing which the tax deducted from his salary may not be properly accounted for, and he may not get credit for the tax deducted from his salary;
(g) The employee must check whether his PAN No. is being duly shown against his name in the TDS Statements prepared by the DDO for the Income Tax Officer;
(h) Inform his Employer/D.D.O., full particulars of savings already made and likely to be made during the Financial Year so that the employer/D.D.O. may not deduct excess tax from his pay;
(i) If the employee changes employment during the year or receives income from another employer also during the year, he must inform the DDO to club the same with the income from the current employment to facilitate correct deduction of tax at source and to avoid a penalty;
(j) If the employee incurs loss under the Head 'House Property' relating to a self-occupied house on account of interest on a loan taken for the construction or purchase of the house property, as per the provisions of the Income Tax Act, he should inform the employer/DDO to set off such loss from his salary income to save Tax from Salary Income;
(k) If the employee has any other income except from salary income from another employer, the employee himself is responsible to deposit tax through specified Banks for the income other than the salary income;
(l) Make Advance Payment of the Tax, except the estimated amount of TDS to be deducted at source by his employer/DDO. If the amount of 'Advance Tax' comes to Rs. 5,000 or more, the same may be deposited by him in three installments on due dates, i.e., on 15 September (30%), 15 December (30%), and 15 March (40%);
(m) Obtain the Certificate of Tax Deduction at Source (TDS) in Form 16/16AA from his employer/DDO to be attached with his Income Tax Return;
(n) Prepare Tax Return in duplicate on 'Form 3' or 'Saral 2D' showing details of income as per instructions given on the reverse side of the form. Form 'Naya Saral 2E' can also be used by Salaried Employees;
(o) Attach TDS Certificate (Form 16 or Form 16AA), and the copies of the 'Tax Deposit Challans', if advance tax deposited for other income, with the Return and file one copy of the same with the Income Tax Officer concerned by not later than 31st of July after the close of the Financial Year (Unless extended specifically by the Income Tax Authority for any particular Assessment Year). The acknowledgment of the Income Tax Authority should be taken on the second copy of the Return.
Annual Income Tax Return
You are also liable to submit Annual Income Tax Return in the prescribed form after 31st of March of the Financial Year, to which your income relates, before and up to the 31st of July, or such extended date, if any, which may be notified by the Income Tax Department.
Why To File A Tax Return?
On account of two main reasons, it is compulsory for an employee to file the Tax Return to the Income Tax Authority:
(1) If the total income from all sources exceeded the maximum amount not chargeable to tax, it becomes compulsory for an employee to furnish a return of income on the form prescribed by the Income Tax Department. Section 139 (1) of the Income-tax Act, 1961 provides that every person whose total income during the previous year exceeded the maximum amount not chargeable to tax shall furnish a return of income. Besides the Paper Form, the Return of Income can also now be furnished on computer-readable media, such as floppy, diskette, magnetic cartridge tape, CD-ROM, etc., in accordance with the scheme specified by the Board in this regard, as per Section 139 (1B) introduced by the Finance Act, 2003.
(2) Special Provision for Tax Return about ONE-BY-SIX Scheme: In case, being an employee, you do not have taxable income but fulfill any one of the following six conditions (called One by Six Scheme), you become liable to furnish Return of Income in 'Form 2C' up to and inclusive of the Assessment Year 2005-06 (Previous Year/Financial Year 2004-05):
i) If you are in occupation of an immovable property exceeding a specified floor area or
ii) If you are the owner or lessee of a motor vehicle or
iii) If you are a subscriber to a telephone or
iv) If you have incurred expenditure for yourself or any other person on travel to any foreign country or
v) If you are a holder of a credit card, not being an "add-on" card, issued by any bank or institution or
vi) If you are a member of a club whose entrance fee is Rs.25,000/- or more.
NOTE: Finance Act of 2006 stipulates the withdrawal of the One-By-Six Scheme withdrawn w.e.f. 1.4.2006. Now w.e.f. 1.4.2006 no return shall be required to be furnished under the proviso for Assessment Year 2006-07 and subsequent years.
1. COMPULSORY FILING OF Income Tax Return?
The Finance Act, 2005 has provided that with effect from 1.04.2006 every person shall file a return of income on or before the relevant due date even if his total income without
From India, Delhi
Acknowledge(0)Amend(0)
Hi,
I was working in a big MNC company where I was getting a good salary. I left the organization a few days back and joined a new startup company where I am getting a salary in hand, so they couldn't provide me with the Form-16. However, I want to file my IT return as I will get my Form-16 from my previous company.
Kindly advise me on how I can file my IT return when I am not getting my Form-16 here. I am a regular IT payer.
Regards,
Santosh
Dear Santosh,
Income Tax Return for 2009-10 will be due to be submitted only after 31st March 2010. TDS Certificate in Form 16 or 16aa will also be due to be issued by your new employer only after 31st March 2010, but not later than 30th of April after the close of the financial year. So, your employer, irrespective of whether he is a big or small employer, has to issue Form 16. There is no exemption about it. However, if no taxable income is worked out in your employment with the new employer, he is not liable to issue any Form 16.
Here in your case, it seems you have not informed the salary particulars that you received from the last employer to the new employer, and thus there may not be taxable income with your new employer. BUT, you still have time to formally submit your salary particulars and Income Tax deduction details concerning your last employer to the new employer to enable him to make tax adjustments and deduction at source from your salary of January and February 2010. Once the tax is deducted at source by your new employer, he will have to provide you Form 16 of his portion of deduction at source.
The provision of the Income Tax Act is that if the employee changes employment during the year or receives income from another employer also during the year, he must inform the DDO to club the same with the income from the current employment to facilitate correct deduction of tax at source and to avoid a penalty.
Although I have discontinued writing my Income Tax Guide for employees after the issue for 2007-08, the main issues would still be valid for general guidance. So, a copy of the Income Tax Guide of 2007-08 is attached herewith for yours as well as other interested persons' guidance.
However, I am reproducing below also the "TDS Essentials for Employees" as well as "TDS Essentials for Employers" for the guidance of one and all concerned.
PS Dhingra
Transformation & Vigilance Consultant
Dhingra Consultancy Group
New Delhi
T.D.S. ESSENTIALS FOR EMPLOYEES
Tax Deduction at Source (TDS) is made at the source by the employer from the Salary Income of the employee. To help himself as well as his employer for the deduction of the correct amount of tax, certain guidelines are given below for the guidance of the employees.
1. If an employee does not have any other source of income except the Salary Income, and his total income from salary income exceeds the maximum amount not chargeable to tax, he may take the following steps:
(a) Make an estimate of his total annual income from salary at the beginning of the Financial Year in which the income may come into the range of taxable income for planning his Tax for the year to come;
(b) Apply for the Permanent Account Number (PAN), if not already taken, to the Income Tax Authority, within the current Financial Year, but not later than the 31st of May of the Assessment Year, i.e., up to the 31st May after the close of the Financial Year to which the income is related, as the same has to be quoted in the Income Tax Return to be filed up to 31st of July. The PAN may also be needed to be quoted on other various important documents;
(c) Calculate the amount of approximate tax likely to be deducted at source by his employer/D.D.O.;
(d) Plan savings of his tax by gradual small investments in various eligible tax-saving schemes every month to avoid year-end hardship by last-minute rush for a lump sum investment;
(e) Inform his Employer/D.D.O., full particulars of savings already made and likely to be made during the Financial Year so that the employer/D.D.O. may not deduct excess tax from his pay;
(f) The employee may intimate his PAN to his Drawing and Disbursing Officer, failing which the tax deducted from his salary may not be properly accounted for, and he may not get credit for the tax deducted from his salary;
(g) The employee must check whether his PAN No. is being duly shown against his name in the TDS Statements prepared by the DDO for the Income Tax Officer;
(h) Inform his Employer/D.D.O., full particulars of savings already made and likely to be made during the Financial Year so that the employer/D.D.O. may not deduct excess tax from his pay;
(i) If the employee changes employment during the year or receives income from another employer also during the year, he must inform the DDO to club the same with the income from the current employment to facilitate correct deduction of tax at source and to avoid a penalty;
(j) If the employee incurs loss under the Head 'House Property' relating to a self-occupied house on account of interest on a loan taken for the construction or purchase of the house property, as per the provisions of the Income Tax Act, he should inform the employer/DDO to set off such loss from his salary income to save Tax from Salary Income;
(k) If the employee has any other income except from salary income from another employer, the employee himself is responsible to deposit tax through specified Banks for the income other than the salary income;
(l) Make Advance Payment of the Tax, except the estimated amount of TDS to be deducted at source by his employer/DDO. If the amount of 'Advance Tax' comes to Rs. 5,000 or more, the same may be deposited by him in three installments on due dates, i.e., on 15 September (30%), 15 December (30%), and 15 March (40%);
(m) Obtain the Certificate of Tax Deduction at Source (TDS) in Form 16/16AA from his employer/DDO to be attached with his Income Tax Return;
(n) Prepare Tax Return in duplicate on 'Form 3' or 'Saral 2D' showing details of income as per instructions given on the reverse side of the form. Form 'Naya Saral 2E' can also be used by Salaried Employees;
(o) Attach TDS Certificate (Form 16 or Form 16AA), and the copies of the 'Tax Deposit Challans', if advance tax deposited for other income, with the Return and file one copy of the same with the Income Tax Officer concerned by not later than 31st of July after the close of the Financial Year (Unless extended specifically by the Income Tax Authority for any particular Assessment Year). The acknowledgment of the Income Tax Authority should be taken on the second copy of the Return.
Annual Income Tax Return
You are also liable to submit Annual Income Tax Return in the prescribed form after 31st of March of the Financial Year, to which your income relates, before and up to the 31st of July, or such extended date, if any, which may be notified by the Income Tax Department.
Why To File A Tax Return?
On account of two main reasons, it is compulsory for an employee to file the Tax Return to the Income Tax Authority:
(1) If the total income from all sources exceeded the maximum amount not chargeable to tax, it becomes compulsory for an employee to furnish a return of income on the form prescribed by the Income Tax Department. Section 139 (1) of the Income-tax Act, 1961 provides that every person whose total income during the previous year exceeded the maximum amount not chargeable to tax shall furnish a return of income. Besides the Paper Form, the Return of Income can also now be furnished on computer-readable media, such as floppy, diskette, magnetic cartridge tape, CD-ROM, etc., in accordance with the scheme specified by the Board in this regard, as per Section 139 (1B) introduced by the Finance Act, 2003.
(2) Special Provision for Tax Return about ONE-BY-SIX Scheme: In case, being an employee, you do not have taxable income but fulfill any one of the following six conditions (called One by Six Scheme), you become liable to furnish Return of Income in 'Form 2C' up to and inclusive of the Assessment Year 2005-06 (Previous Year/Financial Year 2004-05):
i) If you are in occupation of an immovable property exceeding a specified floor area or
ii) If you are the owner or lessee of a motor vehicle or
iii) If you are a subscriber to a telephone or
iv) If you have incurred expenditure for yourself or any other person on travel to any foreign country or
v) If you are a holder of a credit card, not being an "add-on" card, issued by any bank or institution or
vi) If you are a member of a club whose entrance fee is Rs.25,000/- or more.
NOTE: Finance Act of 2006 stipulates the withdrawal of the One-By-Six Scheme withdrawn w.e.f. 1.4.2006. Now w.e.f. 1.4.2006 no return shall be required to be furnished under the proviso for Assessment Year 2006-07 and subsequent years.
1. COMPULSORY FILING OF Income Tax Return?
The Finance Act, 2005 has provided that with effect from 1.04.2006 every person shall file a return of income on or before the relevant due date even if his total income without
From India, Delhi
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Income tax and form 16.xls
Income Tax Return Form.pdf