Tax compuation on new joinee
This query is : Resolved
19 October 2013
If someone joins an organization in between the financial year and doesn’t submits his past employer income certificate. How would the present employer compute his tax. Will he consider his present income and deduct tax accordingly OR he will annualize his present pay and deduct his tax on prorate. Please clarify and quote ACT reference if available. Example, if he joins the organization in March month and his monthly allowance is 3 lac.
Thanks
Thanks
19 October 2013
Hi
Its simple to know whether he was working or not. While joining every employee mentions past working experience.
If employee doesn't show past income you have to accept NIL income declaration to be on safer side & compute Tax on present Income.
You can not directly annualise his income since there will be some income which could be exempt also.
Thanks//VaibhavJ
Its simple to know whether he was working or not. While joining every employee mentions past working experience.
If employee doesn't show past income you have to accept NIL income declaration to be on safer side & compute Tax on present Income.
You can not directly annualise his income since there will be some income which could be exempt also.
Thanks//VaibhavJ
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