Current year 13-14 form not issued

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 June 2014 Hi
My company has not issued current year 2013-14 form 16.
last year form 16 they have issued now with penaulty.
I have FD in bank and its tax has been paid by bank on time last year. Do I need to pay separate penauly as I am filing it late now?

Can I file tax return for current year bcoz again tax on FD income has been paid by bank.

I will appreciate help on this topic.

Thanks
P Jann

Amol S Joglekar

Amol S Joglekar (Expert)
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05 June 2014 you can still file the return of last year....no problem

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Querist : Anonymous

Querist : Anonymous (Querist)

05 June 2014 Hi Amol,
Thanks and appreciate your reply.
I have two queries-
1. Does IT wil charge me penaulty on FD return of 12-13 which I will be filing now?

2. In case of form 16 of current year 13-14 pending from employer what I should do to file tax returns on my FD earnings for 13-14?
Can I file returns for it?

I will be thankful for your guidance in this context.

Regards

Amol S Joglekar

Amol S Joglekar (Expert)
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05 June 2014 01. Although there is every possibility that Income Tax Dept can levy penalty for late filing of return, the history shows that the Income Tax Dept is liberal enough NOT to charge penalty for late filing of return. Accordingly u can take the chance of filing return for last year without attracting penalty.
02 Basically let me try to understand from you.....why r u aiming at filing 2 separate returns...one for FD and one for Salary...Is it?

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Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2014 Hi Amol,
Thanks for your reply and guidance.

for second point- My company has not issued form-16 for current year i.e. 13-14 and likely to issue it very late. In that case I may attract penaulty for FD (what i feel, you please correct me if I am wrong).
Even tax deductions are not reflecting yet in 26as of current year.

Its troublesome for me as couldnt approach for loan too.

Thanks
Regards

P Jann

Amol S Joglekar

Amol S Joglekar (Expert)
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07 June 2014 for no fault of yours, you r getting suffered. But that is how the life at your company seems to be......the is to leave the company and join such a company which issues form 16 in time OR accept the reality that this is how it is going to be.......(You can do one thing....file e-return with the salary figures you have with you....and when you get form 16, revise the same.....ofcourse this is not as simple as it appears to be....best luck)

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