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Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2011 My question is related to Income Tax,

1.In case of salaried person will be having Income from other Sources, how the Compay will come to know about his income

2.In the above case if the employee salary is below than 5k, if he not return the file how can he shows his other inome to Govt.

3.If the employee change the job in financial year how companies will calculate income tax

Praveen Sharma

Praveen Sharma (Expert)
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21 July 2011 1. employee have to produce the same to their employer for tds dedcution.

2. By filing ITR-2.

3. Salary from more than one employer is not covered in the notification of not filing ITR. hence, in this case, need to file ITR.

Regards,

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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21 July 2011 You have to intimate to your employer that you are having income from other sources.

Along with the salary income your employer will deduct tax on other income as reported to him otherwise it is not possible for your employer to know what other income you are earning.

Similarly for deductions also you have to intimate to your employer that you have for LIC or other non taxable items.

If you are not interested in showing other income to your employer then pay the taxes as applicable and file ITR 2 by showing all other income.

If you are having income from business then ITR $ if permitted by your employer to do business.