Regarding tax
RC Gayatri
(Querist) 16 March 2015
This query is : Resolved
Dear Sir, I have resigned my job with my current employer. My last working day is May 29th 2015.
For financial year 2015-2016 I will be taking 2months of salary from my current employer and After that I will be joining in a government organization.
Do I have to show my 2 months of salary which I will be getting in financial year 2015-2016 from my current employer at the time of filing income tax returns ?
If I dont show what will happen ? Can some one catch hold of me on this ? Any way?
Anirudh
(Expert) 16 March 2015
Whether your present employer will deduct TDS or not when he pays the salary to you?
Apart from this, since you will be joining the govt. organization, any such wrong doing by you will affect you officially and that too very seriously.
Please do not make any such mistake. You will be better advised to show the entire income and not to hide or exclude for I.T. purposes.
RC Gayatri
(Querist) 16 March 2015
Anirudh sir,
TDS wont be deducted as my 2 months salary (April and May) combined wont be more than 2,50,000/- amount.
Please help me with all my questions.
Rajendra K Goyal
(Expert) 16 March 2015
Even if TDS is not deducted, this is your income and hence you have to show this income in FY 15-16 with income from Government department. Include this income in your IT return for AY 16-17.
Guest
(Expert) 16 March 2015
It seems to be your academic query.
However, if not an academic query, you will have to intimate the new employer the details of salary drawn on your last employment for the purpose of TDS on correct assesment for the year 2015-16. If you fail to intimate that will be your personal liability, otherwise tax evasion will be an offence on your part.
malipeddi jaggarao
(Expert) 18 March 2015
I agree with expert Mr.Dhingra. Do not entertain such ideas which will cause lot of problems in future. For example:
1) The previous employer will file annual return with IT Dept wherein it will show your name and payment of 2 months salary with PAN Number.
2) The present employer will also file annual return with your name for the remaining 10 months with PAN Number.
If the IT Dept links up the returns with PAN Numbers it can detect the hiding.
Never entertain such ideas and give the details of 2 months salary to your present employer who will assess the TDS.
T. Kalaiselvan, Advocate
(Expert) 19 March 2015
While filing the returns in the next assessment year, you have to reflect income from all the sources including the salary income from the previous employer, failing to do so will be an act of cheating and against the provisions of IT act attracting penal measures against you.
