Hi All,
One of my friend worked with a organization till Oct 2010 and then joined a new company in Nov. The previous organization deducted a TDS of 1800 for the financial year 2010-11 for the period April - October 2010. Now the second organization is not deducting and TDS or asking for any tax declaration.
If taken individually, the salary he received at both the organization is not taxable, but if we calculate total income for the financial year, its taxable.
Now my question is how can he pay the remaining tax when company is not deducting it and if he can pay individually then when he should pay. Shall he pay before 31st March or can he pay later?
Regards,
Sasmita
From India, Hyderabad
One of my friend worked with a organization till Oct 2010 and then joined a new company in Nov. The previous organization deducted a TDS of 1800 for the financial year 2010-11 for the period April - October 2010. Now the second organization is not deducting and TDS or asking for any tax declaration.
If taken individually, the salary he received at both the organization is not taxable, but if we calculate total income for the financial year, its taxable.
Now my question is how can he pay the remaining tax when company is not deducting it and if he can pay individually then when he should pay. Shall he pay before 31st March or can he pay later?
Regards,
Sasmita
From India, Hyderabad
Dear Friend,
In this case, he has to consolidate his total income while submission of Income Tax Returns. In order to compute his total income he has to prepare statement of total income.
While computing he can claims exemptions/allowances whatever mentioned in Form 16’s issued by employers and these deductions are subject to conditions as per Income Tax norms. Still if there is any tax liability, he has pay balance tax under section 140A (self assessment Tax/ Form 280). This amount should pay by 31st of March else there is simple interest will be levied U/S 234.
Wish you all the best.
From India, Hyderabad
In this case, he has to consolidate his total income while submission of Income Tax Returns. In order to compute his total income he has to prepare statement of total income.
While computing he can claims exemptions/allowances whatever mentioned in Form 16’s issued by employers and these deductions are subject to conditions as per Income Tax norms. Still if there is any tax liability, he has pay balance tax under section 140A (self assessment Tax/ Form 280). This amount should pay by 31st of March else there is simple interest will be levied U/S 234.
Wish you all the best.
From India, Hyderabad
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