During financial year 2010-11, I have changed company (Company1 April-10 to June-10, Company2 July-10 to March-11). I have informed related to salary and TDS of company1 to company2. I am not sure if company2 has calculated TDS on basis of whole year income or not!! Kindly advise if I need to contact a Charted Accountant before March-11 to make consolidated rough estimated of total income and pay renaming tax if required? Or Should I wait for Form 16 (provided by both companies in April-11) and then pay renaming tax (will I need to pay fine if tax be paid in April-11)?
1 Answers
You won't need a charted accountant to calculate income tax.
You can download and use Income Tax Calculator to compute income tax.
In order to save interest payment on pending income tax payment, make sure you pay taxes before 31st March, 2011.
If you decide to pay tax after 31st march, As per Section 234 B relating to Advance tax comes in picture and interest @ 1% p.m will be applicable on pending tax.
A company can only issue form-16 for payments and TDS deducted by it for period in which you worked with them. So this financial year, you will have two form-16s (April-June and July-March). You will have to consolidate them while filing return.
Related
Please advise, Form 16 that will be provided by company 2 should include whole FY10-11 income or they may give it only for period of July-to-March? Also, if company 1 is giving form 16 for April-to-June and company 2 giving for July-to-March, then do I have to get a consolidated form 16 from CA to file refund's?
Many thanks for reply and time.