Calculating tax liability for employee in two companies
This query is : Resolved
30 July 2012
Sir
My Query Is that
How to Calculate the
Total Tax liability for a
Employee ,If he is working
under two companies/Firms.
If X company is Calculating tax liability 5000 for the Employee.
Then how will the Second Company say Y will include this Amount for Calculating his
Aggregate Tax liability.
My Query Is that
How to Calculate the
Total Tax liability for a
Employee ,If he is working
under two companies/Firms.
If X company is Calculating tax liability 5000 for the Employee.
Then how will the Second Company say Y will include this Amount for Calculating his
Aggregate Tax liability.
Amol S Joglekar
(Expert)
30 July 2012
You need to take the declaration from the employee. Otherwise TDS per se does not impose any responsibility on 2nd employer.
30 July 2012
Yes employee given the Declaration.
I just Want to know that While Preparing for Form16.
Will the TDS deducted by first company..
will be included in the Tax Calculation for the Second Company.
If yes , then How?
I just Want to know that While Preparing for Form16.
Will the TDS deducted by first company..
will be included in the Tax Calculation for the Second Company.
If yes , then How?
30 July 2012
Income from other employer shall be included under Any Other Income declared by the employee.
TDS will be included in TDS schedule.
TDS schedule will be in 2 parts:
1. TDS of current employer
2. TDS of previous employer
The current employer will certify only TDS deducted by him.
TDS will be included in TDS schedule.
TDS schedule will be in 2 parts:
1. TDS of current employer
2. TDS of previous employer
The current employer will certify only TDS deducted by him.
SANYAM ARORA
(Expert)
30 July 2012
Agreed with sidharth
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