Hello
AFAIK , estimated Income, investment details etc are collected from the employees at the start of the financial year.
Can anyone tell me, how do companies collect the details? Is there any signed declaration form to be collected?
Same query I have for final declarations submitted with proof towards the end of the year.
From India, Calcutta
1AFAIK , estimated Income, investment details etc are collected from the employees at the start of the financial year.
Can anyone tell me, how do companies collect the details? Is there any signed declaration form to be collected?
Same query I have for final declarations submitted with proof towards the end of the year.
From India, Calcutta
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 doesnot have any signed declaration document from employees even till the close of the financial year?
From India, Calcutta
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 doesnot have any signed declaration document from employees even till the close of the financial year?
From India, Calcutta
Avantika,
Reputed companies have implemented the self service system in their intranet and the employees fill the relevant proposals online. They don't collect hard copies, some collect hard copies. Any how, the particular employee failed to produce the proofs at the time prescribed say Jan end, the entire tax liabilities are deducted in their last 3 months salary proportionately. It may be noted that the TDS deduction is the responsibility of the employer as well as collecting investment proofs.
Pon, Chennai
From India, Lucknow
Reputed companies have implemented the self service system in their intranet and the employees fill the relevant proposals online. They don't collect hard copies, some collect hard copies. Any how, the particular employee failed to produce the proofs at the time prescribed say Jan end, the entire tax liabilities are deducted in their last 3 months salary proportionately. It may be noted that the TDS deduction is the responsibility of the employer as well as collecting investment proofs.
Pon, Chennai
From India, Lucknow
Hello,
In our company we do take the declaration from employee at the start of Financial year and based on that we do initial calculation and start deducting income tax from start of April or May salary.
In January every year we collect the actual proofs from employee against his declaration if they fail to produce that then we add that amount in their income and collect extra Tax in rest 3 Months.
I Have also attached format for your reference.
Let me know if you need any details.
From India, Pune
In our company we do take the declaration from employee at the start of Financial year and based on that we do initial calculation and start deducting income tax from start of April or May salary.
In January every year we collect the actual proofs from employee against his declaration if they fail to produce that then we add that amount in their income and collect extra Tax in rest 3 Months.
I Have also attached format for your reference.
Let me know if you need any details.
From India, Pune
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
P-TAX.csv