Can anybody help me in clarifying whether we should include previous income salary & tax deducted by previous employer in the current organisation form 16 ??? PLS HELP!!
From India, Mumbai
From India, Mumbai
Hi Palak,
This question should be asked to the CFO of your Organization - whether he want's to take the ownership of the previous income and tax deducted by the 'other organization' or not.
My personal opinion is that you should ask for a Form 12B (previous income details) from the employees and use the same to incorporate previous income and tax deduction in the Form 16 to be issued by you.
Regards,
Neeraj K Singh
From India, Mumbai
This question should be asked to the CFO of your Organization - whether he want's to take the ownership of the previous income and tax deducted by the 'other organization' or not.
My personal opinion is that you should ask for a Form 12B (previous income details) from the employees and use the same to incorporate previous income and tax deduction in the Form 16 to be issued by you.
Regards,
Neeraj K Singh
From India, Mumbai
Dear Mr.Neeraj,
What is the difference between Form 12B and Form 16?
Is Pan No. mandatory to issue Form 16 and can it be issued even if the employee does not come under the tax bracket?
regards,
Praveena S
From India, New Delhi
What is the difference between Form 12B and Form 16?
Is Pan No. mandatory to issue Form 16 and can it be issued even if the employee does not come under the tax bracket?
regards,
Praveena S
From India, New Delhi
Hi Praveena,
The purpose of Form 12B and Form 16 is to detail income and tax deducted on it, however, while the former is filled up by the employee (as self declaration) the latter is issued by the Organization.
When an employee joins an Organization in the middle of the financial year, they are required to submit details of their previous income and tax deducted theirof. In absence of Form 16 (that should ideally be issued by the previous Organization), the employee fills up Form 12B detailing previous income and tax deducted on it.
Form 16 is usually issued by the Organization at the end of the Financial Year and contains details of tax deducted at source from income chargeable under the head "Salaries".
Regarding your second query, Form 16 cannot be issued without a PAN even if the employee does not come under the Tax bracket. As an earning citizen of the country, you must have a PAN and submit details of your income with the Income Tax Office by filing an IT Return.
Regards,
Neeraj K. Singh
From India, Mumbai
The purpose of Form 12B and Form 16 is to detail income and tax deducted on it, however, while the former is filled up by the employee (as self declaration) the latter is issued by the Organization.
When an employee joins an Organization in the middle of the financial year, they are required to submit details of their previous income and tax deducted theirof. In absence of Form 16 (that should ideally be issued by the previous Organization), the employee fills up Form 12B detailing previous income and tax deducted on it.
Form 16 is usually issued by the Organization at the end of the Financial Year and contains details of tax deducted at source from income chargeable under the head "Salaries".
Regarding your second query, Form 16 cannot be issued without a PAN even if the employee does not come under the Tax bracket. As an earning citizen of the country, you must have a PAN and submit details of your income with the Income Tax Office by filing an IT Return.
Regards,
Neeraj K. Singh
From India, Mumbai
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