Salary tds - new joiners

TDS 491 views 5 replies

Jyothis

Article

1127 Points Posted on 16 February 2016

An employee joined in a company from sep onwards-If we consider his Salary income from Sep-Mar,it doesnot exceed the taxable limit.

But employee has saley income from Apr-Aug,from another employer.(If we add both salary from previous & present employer-New joinees salary income exceeds taxable limit)

Is company liable to deduct tds from salary income of new joinee after considering Total salary income of financial year.

Replies (5)

Guest

Where an employee has more than one employer,he is required to furnish in Form No. 12B to one of the employers (the current )the detail of salary due/received by him from the previous employer.

Only after submission of information in Form No.12B, it becomes the obligation of the employer (to whom Form No.12B is submitted) to deduct tax at source after considering the information submitted by the employee.

chandra sekar

Manager-Accounts

390 Points Posted on 17 February 2016

If Form 12- B available in XL sheet, pls attach here, i need that.

Jyothis

Article

1127 Points Posted on 17 February 2016

Pls find the attached attachment of Form 12B

Rohit Goyal

Financial and Taxation Consultant

206 Points Posted on 19 February 2016

TDS on simultaneous employment with more than one employer or on change of employment:-

Sub-Section 2 of Section 192 provides that where a person is simultaneously employed with more than one employer, he may furnish the particulars of salary payments and TDS to the employer of his choice.

Similarly, on change of employment the particulars of salary and TDS of earlier employment may be furnished to the subsequent employer.

These particulars are to be furnished in Form 12B in accordance with Rule 26A of the I.T.Rules.

The employer on receipt of such information is required to take into account the particulars of salary and TDS and then deduct tax at source considering the aggregate salary from all sources.