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In Oct2011, I have changed my organisation . I want to declare my salary from previous employer and TDS deducted to new company so that correct TDS figure for 2011-12 FY can be computed but the finance department at new company says that they don't have any provision for Form12B and I cannot declaration the same rather I have to file return and balance tax to IT department.
My queries - Can an employer deny accepting form12B? How can I deposit the TDS to Income Tax department well before 31st May '2012 so that I don't need to pay interest and penalty at the time of filling return. Please guide.?
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Dear Bluethunder,
Interest is calculated after deducting TDS, if you are sure that you will have to pay tax (Both the Salaries combined) you can pay advance tax by yourself, to avoid Interest and Penalty. the dates for paying Advance Tax are 15th June, 15th September, 15th December and 31st March of every financial Year. Though 2 dates have already gone you have 2 more dates to plan for.
The Department of Direct Taxes have stated that, If you are employed for more than 1 employer during the financial year, you are supposed to file income tax return. though your income is less than Rs.5 L and TDS been deducted,
Regards,
Nicholas
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