Hi,
I was working in a big MNC company, where i was getting good salary, i left the organizatin few days back and joined in a new start up company,where am getting salary in hand, so they couldn't provide me the Form-16, but i want to file my IT return as i will get my form-16 from pevious company.
Kindly pls advise me, how i can file my IT where amn't getting my form-16 here.am a regular IT payer.
Regards,
Santosh
From India, Calcutta
I was working in a big MNC company, where i was getting good salary, i left the organizatin few days back and joined in a new start up company,where am getting salary in hand, so they couldn't provide me the Form-16, but i want to file my IT return as i will get my form-16 from pevious company.
Kindly pls advise me, how i can file my IT where amn't getting my form-16 here.am a regular IT payer.
Regards,
Santosh
From India, Calcutta
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
11From India, Mumbai
Thanks Mr. Vikas,
I know that, i need the Form-16 from both the company, but in my current organization, they couldn't provide me the Form-16, because it's a very small organization, could it be possibe for me to take the salary receipt from current organization and form-16 from previous organization and file the return.
this is a little complicated question, pls provide me your valuable advice
From India, Calcutta
I know that, i need the Form-16 from both the company, but in my current organization, they couldn't provide me the Form-16, because it's a very small organization, could it be possibe for me to take the salary receipt from current organization and form-16 from previous organization and file the return.
this is a little complicated question, pls provide me your valuable advice
From India, Calcutta
Dear Mr. Santosh,
You can file your IT return without Form-16. Pl Calculate your salary details, investments, exemption if any. And file ur return accordingly. As per my knowledge, nowadays there is no need to attach any documents with IT return.
Seniors, please correct me if I'm wrong...
Regards,
Sanjay Gupta
9871018121
From India, Delhi
You can file your IT return without Form-16. Pl Calculate your salary details, investments, exemption if any. And file ur return accordingly. As per my knowledge, nowadays there is no need to attach any documents with IT return.
Seniors, please correct me if I'm wrong...
Regards,
Sanjay Gupta
9871018121
From India, Delhi
Hi Sanjay,
U r bang on target. U dont need form 16 for filing ur tax return. However, u need to know ur bigurcation of salary between taxable income and exempted income. Form 16 provides a easy acces to these details.
Mr. Bose, even if ur current employer is a small co. the position still remains the same that they have to issue u a Form 16 for the amount of tax deducted.
Warm Regards,
Ca Vikas Goel
From India, Mumbai
U r bang on target. U dont need form 16 for filing ur tax return. However, u need to know ur bigurcation of salary between taxable income and exempted income. Form 16 provides a easy acces to these details.
Mr. Bose, even if ur current employer is a small co. the position still remains the same that they have to issue u a Form 16 for the amount of tax deducted.
Warm Regards,
Ca Vikas Goel
From India, Mumbai
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
From India, Himatnagar
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 intimated the salary particulars that you received from the last employer to the new employer and thus there may perhaps not become the taxable income with your new employer. BUT, still you 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 Income Tax Act is that if the employee changes employment during the year or receives income from other employer also during the year, he must inform to the DDO to club the same with the income from the current employment to facilitate correct deduction of tax at source and to avoid penalty.
In that event it would become liable for him to issue Form 16, otherwise he would be liable for penalty likely to be imposed by the ITO.
Although I have discontinued writing of my Income Tax Guide for employees after the issue for 2007-08, yet 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 source by the employer from the Salary Income of the employee. To help himself as well as his employer for the deduction of 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, as 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 in to the range of taxable income for planning of 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 income is related, as the same has to be quoted in the Income Tax Return to be filed up to 31st of July. The P.A.N. 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 lump sum investment;
(e) Inform his Employer/D.D.O., full particular 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 particular 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 other employer also during the year, he must inform to the DDO to club the same with the income from the current employment to facilitate correct deduction of tax at source and to avoid penalty;
(j) If the employee incurs loss under the Head ‘House Property’ relating to a self-occupied house on account of interest on 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 other 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 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). Acknowledgement of the Income Tax Authority should be taken on the second copy of the Return.
2. 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.
3. 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 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 the 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 [1]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 charged is Rs.25,000/- or more.
NOTE: Finance Act of 2006 stipulates withdrawal of 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 giving effect to the provisions of Chapter VI-A exceeds the maximum amount not chargeable to tax.
2. DUE DATES FOR PAYMENT OF ADVANCE TAX & FILING OF RETURN
(a) Normally in the case of an employee, the tax is deducted at source by his employer and paid in to the Government account, as it becomes the liability of the employer to deduct tax at source (TDS). However, where the total income does not form part of only the salary income and includes income from various other sources, the liability for payment of advance tax arises where the amount of tax payable by the Assessee for the year is Rs. 5,000/- or more. The due dates for various installments of advance tax are given below:
DUE DATE: AMOUNT PAYABLE
(i) On or before 15th September: Amount not less than 30% of such advance tax
(ii) On or before 15 December: Amount not less than 60% or such advance tax.
(iii) On or before 15th March: Entire balance amount of such advance tax.
(i) On or before 15th September: Amount not less than 30% of such advance tax
(ii) On or before 15 December: Amount not less than 60% or such advance tax.
(iii) On or before 15th March: Entire balance amount of such advance tax.
Also, any amount paid by way of advance tax on or before 31st March is treated as advance tax paid during the financial year.
(b) The due date filing of return of income in case of salaried employees is 31st of July. If the return of income has not been filed within the due date, a belated return may still be furnished before the expiry of one year from the end of the assessment year or completion of assessment, whichever, is earlier.
T.D.S. ESSENTIALS FOR EMPLOYERS & DDOs
Tax Deduction at Source (TDS) from the Salary Income is the responsibility of the Employer/Drawing & Disbursing Officer. An employer/DDO need to take following steps to ensure tax deduction at source:
(1) First and foremost step is to apply to the appropriate authority of the Income Tax Department for Tax Deduction Account Number (TAN) and obtain the same, if you have not already obtained the same, as it has essentially to be quoted in all the Tax related documents;
(1) Salary Income for the year may be estimated for all the employees at the beginning of the Financial Year and approximate tax may be calculated thereon, if the income comes within the taxable range;
(2) Start deduction of Tax @ 1/12th of the estimated tax every month from the beginning of the Financial Year from the monthly Salary Bill of the employee;
(3) An employer/DDO has the responsibility to ensure tax deduction at source for the salary income only, except the set off of loss under the Head ‘House Property’ relating to a self-occupied house on account of interest on loan taken for the construction or purchase of the house property, as per the provisions of the Income Tax Act. If the salary income exceeds the maximum non-taxable amount the employer/DDO has to ensure correct deduction of tax at source. The employee himself is responsible deposit tax for the income other than the salary income:
(4) The amount of TDS should be deposited in to the Government Account through the authorized Banks in the prescribed manner and within the specified dates;
(5) Send regularly the Quarterly TCS/TDS Statements to the Assessing Officer;
(6) Ask for the details of income and savings etc. from the employees made during the current Financial Year during the months of October/November for final assessment of tax due;
(7) Ask for his P.A.N. from the employee;
(8) Make final assessment of tax to be deducted from the salary of the employees duly allowing due deductions, rebates and relief, etc. as per the latest provisions of the Income Tax Act and Rules and balance tax arrived at;
(9) Deduction of the balance tax may be made in equated installments during the rest of the months up to the salary for the month of February/March of the current Financial Year;
(10) Regulate recovery of tax carefully by giving effect to the changes in savings of the employee, as notified before the drawl of salary for the month of February of the Financial Year, or at the most by the 15th of March to avoid wrong deduction of tax, if the salary for the month of March is paid in the month of April;
(11) Issue TDS Certificate to the employee in Form 16 or Form 16AA, as the case may be, by not later than the following 30th of April after the close of the Financial Year.
[1] The floor areas for this purpose have been specified in Notification No. S.O. 467(E) dated 27.6.97.
From India, Delhi
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