Hello,
As far as I know (AFAIK), estimated income, investment details, etc., are collected from employees at the start of the financial year. Can anyone tell me how companies collect these details? Is there a signed declaration form that needs to be collected?
I have the same question regarding the final declarations that are submitted with proof towards the end of the year.
From India, Calcutta
Acknowledge(0)
Amend(0)
1As far as I know (AFAIK), estimated income, investment details, etc., are collected from employees at the start of the financial year. Can anyone tell me how companies collect these details? Is there a signed declaration form that needs to be collected?
I have the same question regarding the final declarations that are submitted with proof towards the end of the year.
From India, Calcutta
Acknowledge(0)Amend(0)
You can formulate the format and signed declarations shall be taken from the employees. Pon, chennai
From India, Lucknow
Acknowledge(0)Amend(0)
From India, Lucknow
Acknowledge(0)Amend(0)
Thanks.
1) Is the signed declaration taken at the start of the year as well (as it may be an estimate only)?
2) What if a company does not have any signed declaration document from employees even until the close of the financial year?
I hope the corrections provided above are helpful. Let me know if you need further assistance.
From India, Calcutta
Acknowledge(0)Amend(0)
1) Is the signed declaration taken at the start of the year as well (as it may be an estimate only)?
2) What if a company does not have any signed declaration document from employees even until the close of the financial year?
I hope the corrections provided above are helpful. Let me know if you need further assistance.
From India, Calcutta
Acknowledge(0)Amend(0)
Avantika,
Reputed companies have implemented the self-service system in their intranet, and the employees fill out the relevant proposals online. Some companies do not collect hard copies, but some do. However, if a particular employee fails to produce the necessary proofs by the specified deadline, for example, by the end of January, the entire tax liabilities are deducted from their last three months' salary proportionately. It should be noted that the TDS deduction is the responsibility of the employer, as well as the collection of investment proofs.
Pon, Chennai
From India, Lucknow
Acknowledge(0)Amend(0)
Reputed companies have implemented the self-service system in their intranet, and the employees fill out the relevant proposals online. Some companies do not collect hard copies, but some do. However, if a particular employee fails to produce the necessary proofs by the specified deadline, for example, by the end of January, the entire tax liabilities are deducted from their last three months' salary proportionately. It should be noted that the TDS deduction is the responsibility of the employer, as well as the collection of investment proofs.
Pon, Chennai
From India, Lucknow
Acknowledge(0)Amend(0)
Hello,
In our company, we do take the declaration from employees at the start of the financial year. Based on that, we do initial calculations and start deducting income tax from the beginning of April or May salary.
In January every year, we collect the actual proofs from employees against their declaration. If they fail to produce the required documents, then we add that amount to their income and collect extra tax over the remaining three months.
I have also attached the format for your reference. Please let me know if you need any further details.
From India, Pune
Acknowledge(0)Amend(0)
In our company, we do take the declaration from employees at the start of the financial year. Based on that, we do initial calculations and start deducting income tax from the beginning of April or May salary.
In January every year, we collect the actual proofs from employees against their declaration. If they fail to produce the required documents, then we add that amount to their income and collect extra tax over the remaining three months.
I have also attached the format for your reference. Please let me know if you need any further details.
From India, Pune
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.