@VaibhavJ (Believe!! Live your dreams!) (33516 Points)
25 April 2010We have recd form12 B from new joinees for their previous income.
Whether same income is nedd to show in 24Q-Q4,
If yes where to show the same, because i dont find seprate column for them.
And whether income from previous employer should be clubbed in from 16 ?
CMA.Baskar.V
(Cost Accountant)
(400 Points)
Replied 25 April 2010
hi
If you deduct TDS on clubbed (Inclusion of Form 12B amount) salary income of an employee, then you need to show base amount including form 12B amount.
If you deduct TDS only on whatever paid by you to the employee, at the time need not show. Because, if TDS already deducted by employee previous employer, they will file return for that amount in Form 24Q.
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 25 April 2010
We have considered all income from previous employer & also considered all investments made through out the year, and deducted TDS accordingly.
My concern is that if we are showing TDS made by previous employer in our 24Q-Q4, and previous employer will aslo show the same in their 24Q-Q4. Hence employer will get double credit of the same to their PAN A/c since there is no provision of showing income declared under 12B separately in 24Q-Q4.
So is that right practice.
CAclubindia
