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richa (ca student) (195 Points)

12 July 2011

Hii

My query is a person has switched in 3 companies in FY10-11. He has form 16 of the first two company. The third company which was joined on mid feb has paid salary of 90,000 had not deducted any tax and hence no Form 16 issued by it.

Now, he doesnt want to show details of third company and salary of rs 90000 in return.(by doin this escape self assessment tax payable 5000). Is it advisable?

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7 Replies

deepa (CA) (79 Points)
Replied 12 July 2011

no its not adviceable to hide the income .coz the bank statements would reveal the truth

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@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 13 July 2011

dont hide your income it may cause to harm to u because of bank statement...

Mihir (Wealth Manager) (5293 Points)
Replied 13 July 2011

Even if TDS is not deducted from the salary, it is mandatory for the company to issue Form 16 for all employees.

Mihir (Wealth Manager) (5293 Points)
Replied 13 July 2011

Even if TDS is not deducted from the salary, it is mandatory for the company to issue Form 16 for all employees.

A K Jain (Service) (160 Points)
Replied 15 July 2011

1) Even if TDS is not deducted from the salary, it is mandatory for the company to issue Form 16 for all employees.

2) He should have deposited some tax before 15th March as now he will be reqd. to pay extra as per section 234B & C.

3) He should not hide income & pay tax as per rule.

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A K Jain (Service) (160 Points)
Replied 15 July 2011

1) Even if TDS is not deducted from the salary, it is mandatory for the company to issue Form 16 for all employees.

2) He should have deposited some tax before 15th March as now he will be reqd. to pay extra as per section 234B & C.

3) He should not hide income & pay tax as per rule.

Tushar Arora (CA Finalist & Article) (179 Points)
Replied 15 July 2011

Originally posted by : A K Jain
	1) Even if TDS is not deducted from the salary, it is mandatory for the company to issue Form 16 for all employees. 2) He should have deposited some tax before 15th March as now he will be reqd. to pay extra as per section 234B & C. 3) He should not hide income & pay tax as per rule.