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tax calculation

Tax queries 1019 views 7 replies

Hello All,

I need clarity with respect to tax.

I work for a company called 'ABC' and let's say I worked there till from Dec 2006 to Mid of May 2009.

From mid of may 2009 to current date July 2010 I am working with company XYZ. Now filing returns how do I do that? The tax was deduced by previous employer ABC till Mid of may 2009 and tax is being deduced by currrent employer XYZ from mid of May 2009 to till date. Any one who has hopped jobs will be able to throw some light on this.

Please assist.

Thanks in advance

 

 

 

Replies (7)

The returns are to be filed for the A.Y. 2010-2011 (from 1st Arpil 2009 to 31st March 2010). You will need to procure form 16 from both the employers and attached it with your returns showing your income and TDS between 1st April 2009 to 31st March 2010.

dear friend

At the end of the year, you need to collect Form 16 from both your employers as that is the basis on which you would file your returns. When you join a new organisation, you should furnish your TDS details from the previous employer to your current employer. This will help your current employer in deducting tax accordingly. If you do not mention your previous organisation details to your new employer, then you are liable to show the total income from both employers and calculate your tax liability accordingly.  if u cannot get Form 16 from ur previous employer then Your best option then is to fill Form 12B and submit it to your new employer. The employer will take into account the previous salary you earned while deducting tax.

regards

tarun rustagi

both reply are in right manner

 Both  Mihir & Tarun are in  above answers

considering the fact that i have worked for only 1 and half months in my previous company in that financial year, will they give me form 16?

off course, they will give.

any employer who have deducted tds on any employee are liable to give form 16 immaterial the time they have worked.

Originally posted by : tarun rustagi

dear friend

At the end of the year, you need to collect Form 16 from both your employers as that is the basis on which you would file your returns. When you join a new organisation, you should furnish your TDS details from the previous employer to your current employer. This will help your current employer in deducting tax accordingly. If you do not mention your previous organisation details to your new employer, then you are liable to show the total income from both employers and calculate your tax liability accordingly.  if u cannot get Form 16 from ur previous employer then Your best option then is to fill Form 12B and submit it to your new employer. The employer will take into account the previous salary you earned while deducting tax.

regards

tarun rustagi


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