I changed Job in Nov - 2008 but I haven't received any Form 16 from my previous employer. My new employer deducted taxes from my salary taking into consideration only the salary from this new organisation. Due to this there is a liability on my end to pay the extra taxes. Can I pay this when we file the return during June-July? In that case will it attract any penalty ?
15 March 2009
Whether the earlier employer has deducted any tax? You must be aware of this fact, even if no for 16 has been received by you. If not, calculate your liability and pay taxes, preferably before 15th march or 31st march.
15 March 2009
Thanks Rajesh for the quick response. My new employer deducted taxes assuming I wasn't employed before Nov 2008 (my joining day in new org). What's the process to pay this extra tax liability ? If I take into consideration my income from my previous employer, my outstanding tax is around 50K.
If I pay this 50K during filing of return in July - is that OK ?
16 March 2009
Thats fine but you need to pay interest on that amount u/s 234B & 234C. Its better if you pay this before march end, so that you can save interest u/s 234B.
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