Dear Friends,
We need to deduct tax for our newly joined employees in our concern. They joined in middle of financial year, but they don't have the previous concern tds documents. So, they are requesting to calculate the tds from their DOJ. There is any possibilities on that process or we could collect any letter from them for tds deduction from DOJ. If you had any format for the letter means kindly share it.
Thanks in advance.
Regards,
KARTHIKEYAN
From India, Chennai
We need to deduct tax for our newly joined employees in our concern. They joined in middle of financial year, but they don't have the previous concern tds documents. So, they are requesting to calculate the tds from their DOJ. There is any possibilities on that process or we could collect any letter from them for tds deduction from DOJ. If you had any format for the letter means kindly share it.
Thanks in advance.
Regards,
KARTHIKEYAN
From India, Chennai
You can collect a declaration of total earnings and TDS at previous employment and also a declaration that they need to effect TDS on the entire earnings from their present salary. Normally whenever a new person joins we should collect a declaration of his previous income and tax deducted thereon so that the Finance people can decide on their tax liability for the remianing period and do the deduction accordingly.
Madhu.T.K
From India, Kannur
4248Madhu.T.K
From India, Kannur
Hi,
If we calculate tax only for the current employment neglecting the previous employment, then the tax calculation will be an error.
For eg., if his previous employment taxable income is Rs. 2,00,000 and his taxable income for the current employment is Rs. 4,00,000. Then, TDS with previous employment is Rs. 45,000. and TDS without previous employment is Rs. 15,000.
So, better ask him/her to give the previous employment tax computation sheet or ask him the declaration.
From India, Chennai
If we calculate tax only for the current employment neglecting the previous employment, then the tax calculation will be an error.
For eg., if his previous employment taxable income is Rs. 2,00,000 and his taxable income for the current employment is Rs. 4,00,000. Then, TDS with previous employment is Rs. 45,000. and TDS without previous employment is Rs. 15,000.
So, better ask him/her to give the previous employment tax computation sheet or ask him the declaration.
From India, Chennai
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