Hi,
I would like some help with my income tax settlement for this financial year.
I have been working for company A from April 2006 till August 2006 during which IT was deducted at source. My package at that time was 3.2L per annum. I resigned from my company A and took up an offer with company B towards the end of December. Meanwhile, I have not been employed anywhere. My average pay now is 4L per annum. How would I go about filling my tax returns? My company's accountant said that since my income for these three months would fall under 1L, I would not need to pay any tax for these three months, but I am not too sure about this.
Further on, what is the procedure for filing the tax returns? Can I do it online or would I need to get the help of some tax consultant?
Thanks
J
From India, Bangalore
I would like some help with my income tax settlement for this financial year.
I have been working for company A from April 2006 till August 2006 during which IT was deducted at source. My package at that time was 3.2L per annum. I resigned from my company A and took up an offer with company B towards the end of December. Meanwhile, I have not been employed anywhere. My average pay now is 4L per annum. How would I go about filling my tax returns? My company's accountant said that since my income for these three months would fall under 1L, I would not need to pay any tax for these three months, but I am not too sure about this.
Further on, what is the procedure for filing the tax returns? Can I do it online or would I need to get the help of some tax consultant?
Thanks
J
From India, Bangalore
Dear Johnny,
I will try to answer your question although the situation explained by you is not much clear.
Income tax is payable on yearly income. ( no part period based assessments)
Income Tax is payable on Net taxable income for the whole year, that means, income from first employment, income during no job period, income from current employment.
looking at figures given by you, you will have a tax liability and should plan tax saving investments to save tax.
Take from 16 from both the employers and file your return. The return filing last date will be 31 July.
The return is to be filed in paper format in any case, yes there is online filing avaialable. you may visit incometaxindia.gov.in
You must have a PAN no. if there is TDS deduction by any of your employer(s).
I hope this satisfy your query.
Thanks
Pankaj Patodi
From India, New Delhi
3I will try to answer your question although the situation explained by you is not much clear.
Income tax is payable on yearly income. ( no part period based assessments)
Income Tax is payable on Net taxable income for the whole year, that means, income from first employment, income during no job period, income from current employment.
looking at figures given by you, you will have a tax liability and should plan tax saving investments to save tax.
Take from 16 from both the employers and file your return. The return filing last date will be 31 July.
The return is to be filed in paper format in any case, yes there is online filing avaialable. you may visit incometaxindia.gov.in
You must have a PAN no. if there is TDS deduction by any of your employer(s).
I hope this satisfy your query.
Thanks
Pankaj Patodi
From India, New Delhi
Hi Pankaj,
Many thanks for your reply. I will try to make my question a bit more clear with some real figures.
I was with company A from April 2006 to August 2006. They have provided me with a tax statement for this financial year.
Taxable income for this period is 1,20,000.
Gross taxable income is 1,34,000.
The total tax payable is calculated as 2,400.
TDS is 16,300.
So the refund right now is 13,900.
From Sept 2006 to mid of Dec 2006, I was without a job and had no other sources of income.
I have been with company B from mid of December 2006 to present. My current CTC is 4L per annum. (PF comes to 1.2k, HRA 4k). How should they go about calculating the TDS at this place? The accountant here said that no tax need to be deducted for the current month until he can work this out.
Further on, are there any more documents that I would need from my previous employer? They have only sent me a tax statement. When do I get the Form 16 from them? Will I be needing two different form 16's from both my employers?
Thanks,
J
From India, Bangalore
Many thanks for your reply. I will try to make my question a bit more clear with some real figures.
I was with company A from April 2006 to August 2006. They have provided me with a tax statement for this financial year.
Taxable income for this period is 1,20,000.
Gross taxable income is 1,34,000.
The total tax payable is calculated as 2,400.
TDS is 16,300.
So the refund right now is 13,900.
From Sept 2006 to mid of Dec 2006, I was without a job and had no other sources of income.
I have been with company B from mid of December 2006 to present. My current CTC is 4L per annum. (PF comes to 1.2k, HRA 4k). How should they go about calculating the TDS at this place? The accountant here said that no tax need to be deducted for the current month until he can work this out.
Further on, are there any more documents that I would need from my previous employer? They have only sent me a tax statement. When do I get the Form 16 from them? Will I be needing two different form 16's from both my employers?
Thanks,
J
From India, Bangalore
Dear Johnny,
to clarify further
Yes you will 2 from 16, one from the earlier employer and another from the current employer
Submit Copy of the statement received from your earlier employer to the new employer and request them to consider the income as well tax deducted by the earlier employer.
No more document needed from previous employer, except the form 16 which they will issue in due course.
I hope this satisfies your query.
Pankaj Patodi
From India, New Delhi
to clarify further
Yes you will 2 from 16, one from the earlier employer and another from the current employer
Submit Copy of the statement received from your earlier employer to the new employer and request them to consider the income as well tax deducted by the earlier employer.
No more document needed from previous employer, except the form 16 which they will issue in due course.
I hope this satisfies your query.
Pankaj Patodi
From India, New Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
P-TAX.csv