Multiple employers/salary
This query is : Resolved
18 December 2011
Hi Experts,
For the duration of 3 months I have been employed in multiple companies simultaneously (Because Notice period, bond issues and immediate joining need etc). so now the issue is multiple head salaries for the same duration of 3 months. In both the companies TDS is deducted. How will I file these month’s extra salary as I have to give multiple TAN for the same duration? How can I hide this overlap still paying full tax? Can I add the salaries of companies A and B, give only TAN of one employer and then pay the difference in the TDS, while filing IT returns?
Thanks in advance.
Nimon
For the duration of 3 months I have been employed in multiple companies simultaneously (Because Notice period, bond issues and immediate joining need etc). so now the issue is multiple head salaries for the same duration of 3 months. In both the companies TDS is deducted. How will I file these month’s extra salary as I have to give multiple TAN for the same duration? How can I hide this overlap still paying full tax? Can I add the salaries of companies A and B, give only TAN of one employer and then pay the difference in the TDS, while filing IT returns?
Thanks in advance.
Nimon
18 December 2011
Duration is irrelevant for filing income tax return.
Mention the salary of Company A & Company B.
Claim the TDS of Company A & Company B.
Mention the salary of Company A & Company B.
Claim the TDS of Company A & Company B.
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19 December 2011
Hi Expert,
Thanks for your reply. I do have some specific question related to the query.
1. I dont want to show in my form-16 that I have worked for multiple companies for the same duration(to avoid problems in future as companies and for visa, past 3 years form16 will be asked). But I dont want to be a tax defaulter too. How to do it?
2. Hope Incometax dept will not bother my multiple employment if I pay the tax correctly. Is that correct?
Please answer.
Thanks for your reply. I do have some specific question related to the query.
1. I dont want to show in my form-16 that I have worked for multiple companies for the same duration(to avoid problems in future as companies and for visa, past 3 years form16 will be asked). But I dont want to be a tax defaulter too. How to do it?
2. Hope Incometax dept will not bother my multiple employment if I pay the tax correctly. Is that correct?
Please answer.
23 December 2011
Form 16 is issued by the employer.
If you are employed in more than one firm, each employer will issue you seperate form 16, for the amount of tax deducted by him, for the same duration.
Hence different form 16, will be issued by different employer..
If you do not want to show the salary of different employers in the return, then show the salary of only one employer and claim the tds on the basis of form 16, issued by that employer.
Note: There is penalty for concealment of income u/s 271(c)
If you are employed in more than one firm, each employer will issue you seperate form 16, for the amount of tax deducted by him, for the same duration.
Hence different form 16, will be issued by different employer..
If you do not want to show the salary of different employers in the return, then show the salary of only one employer and claim the tds on the basis of form 16, issued by that employer.
Note: There is penalty for concealment of income u/s 271(c)
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24 December 2011
Hi Shaikh/Experts,
Thanks for your reply.
Wat will be the penalty?
Else to avaoid "penalty for concealment of income", can I add the second company's salary to the first company and pay the tax difference seperatly that come as result of showing one TDS?
Example:
Company A salary : 10000
Copmany A TDS: 1000
Company B salary : 20000
Copmany B TDS: 2000
Form-16:
Total Head Salary : 30000
TDS:2000 (ie Copmany B TDS as it is larger)
TAN of the employer: 11xxxxx (show only one employer)
Tax to be paid : 1000 (by challan at the time of F16 submission)
----------------------------
Will this work out?
Thanks for your reply.
Wat will be the penalty?
Else to avaoid "penalty for concealment of income", can I add the second company's salary to the first company and pay the tax difference seperatly that come as result of showing one TDS?
Example:
Company A salary : 10000
Copmany A TDS: 1000
Company B salary : 20000
Copmany B TDS: 2000
Form-16:
Total Head Salary : 30000
TDS:2000 (ie Copmany B TDS as it is larger)
TAN of the employer: 11xxxxx (show only one employer)
Tax to be paid : 1000 (by challan at the time of F16 submission)
----------------------------
Will this work out?
24 December 2011
Concealment penalty is upto 3 times tax that is avoided.
You cannot add the salary of two employer since it will conflict the form 16 issued by the Employer B.
You can show the salary of Employer A under the head income from other sources to avoid concealment penalty.
You cannot add the salary of two employer since it will conflict the form 16 issued by the Employer B.
You can show the salary of Employer A under the head income from other sources to avoid concealment penalty.
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