CA.Varalakshmi.M (Manager-Finance) (482 Points)
09 July 2012Hi friends Please answer the following query
When we are issuing the form 16 do we consider previous employers income and tax payable.
Suppose one employee worked for 8 mnths in some X comp and after that he has joined in Y comp for next 4 mnths.
While Y comp issuing Form 16 ,do it consider income and tax payable from previous employers.
Does Y comp shows in tax payable column ,tax payable from income from previous employers ?
MAHESH GARG
(AUDIT EXECUTIVE)
(334 Points)
Replied 09 July 2012
Form 16 will be issued separately by both the employers respectively
Form 16 by X company will conatin salary details rergarding 8 months and by Y company regarding 4 months
Salary paid by previous employer is used to identify only the TDS to be deducted by the current employer
Gireesh Hegde
(Senior Excecutive - Accounts & Taxation)
(482 Points)
Replied 09 July 2012
Yes, You can show Previous Employment Income as well as TDS Deducted by the Previous employer in your computation sheet / Form 16 to calculate corect tax liability.
CA jatin k Gohil
(CA Practice)
(95 Points)
Replied 09 July 2012
Form 16 will be issued separately by both the employers
Form 16 by X employers: 8 months salary
Form 16 by Y employers: 4 months salary
No,
CA.Varalakshmi.M
(Manager-Finance)
(482 Points)
Replied 09 July 2012
Y comp considered 4 mnths salary in gross salary calculation and deducted TDS even for 4 mnths only bcz previous employer has already deducted TDS on thier salary ,,,,but in last column Y comp added income from previous employer and in total tax payable column it has shown tax payable Incuding Tax on income from previous employer
In note Y comp stated that ,we have considered income from previous salary of Rs..........on which TDS of Rs..........has been deducted by previous employer.
Is it the right procedure?
CA.Varalakshmi.M
(Manager-Finance)
(482 Points)
Replied 09 July 2012
Y comp considered 4 mnths salary in gross salary calculation and deducted TDS even for 4 mnths only bcz previous employer has already deducted TDS on thier salary ,,,,but in last column Y comp added income from previous employer and in total tax payable column it has shown tax payable Incuding Tax on income from previous employer
In note Y comp stated that ,we have considered income from previous salary of Rs..........on which TDS of Rs..........has been deducted by previous employer.
Is it the right procedure?
CAclubindia
