Hi All,
One of my friends worked with an organization until October 2010 and then joined a new company in November. The previous organization deducted a TDS of 1800 for the financial year 2010-11 for the period April - October 2010. Now the second organization is not deducting any TDS or asking for any tax declaration. If taken individually, the salary he received at both organizations is not taxable, but if we calculate the total income for the financial year, it's taxable.
Now, my question is how can he pay the remaining tax when the company is not deducting it, and if he can pay individually, then when should he pay? Should he pay before 31st March, or can he pay later?
Regards,
Sasmita
From India, Hyderabad
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One of my friends worked with an organization until October 2010 and then joined a new company in November. The previous organization deducted a TDS of 1800 for the financial year 2010-11 for the period April - October 2010. Now the second organization is not deducting any TDS or asking for any tax declaration. If taken individually, the salary he received at both organizations is not taxable, but if we calculate the total income for the financial year, it's taxable.
Now, my question is how can he pay the remaining tax when the company is not deducting it, and if he can pay individually, then when should he pay? Should he pay before 31st March, or can he pay later?
Regards,
Sasmita
From India, Hyderabad
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Dear Friend,
In this case, he has to consolidate his total income while submitting Income Tax Returns. To compute his total income, he has to prepare a statement of total income. While computing, he can claim exemptions/allowances as mentioned in Form 16s issued by employers, and these deductions are subject to conditions as per Income Tax norms. If there is still any tax liability, he has to pay the balance tax under section 140A (self-assessment Tax/Form 280). This amount should be paid by the 31st of March; otherwise, simple interest will be levied under U/S 234.
Wishing you all the best.
From India, Hyderabad
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86In this case, he has to consolidate his total income while submitting Income Tax Returns. To compute his total income, he has to prepare a statement of total income. While computing, he can claim exemptions/allowances as mentioned in Form 16s issued by employers, and these deductions are subject to conditions as per Income Tax norms. If there is still any tax liability, he has to pay the balance tax under section 140A (self-assessment Tax/Form 280). This amount should be paid by the 31st of March; otherwise, simple interest will be levied under U/S 234.
Wishing you all the best.
From India, Hyderabad
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Hi,
Ask your friend to submit Form 12b. This form contains details of income earned from April to October. Once this income is included in the tax calculation, his tax will be deducted accordingly, and he will not have to pay any self-assessment tax.
Regards,
Mahendra
From India, Mumbai
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Ask your friend to submit Form 12b. This form contains details of income earned from April to October. Once this income is included in the tax calculation, his tax will be deducted accordingly, and he will not have to pay any self-assessment tax.
Regards,
Mahendra
From India, Mumbai
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