1

I don't know if this is right place of ask this question. But still need to ask.

Now I start financial year with by company A. So company A only provide final settlement account ( including AVP ) in new financial year. There is no income tax according to form-16. In my second startup company B I worked 5 months and they give me salary (without form-16). After 5 months I left the Company B. After a break of 2 month break I rejoin my last Company A; where I worked remaining 6 months of the Financial Year.

So now I have two form-16 for company A; I am working which show details of AVP with no income tax & other one having 6 months salary with tax deducted on that. When I checked out income tax government website, I found two income tax amount shown there. One from current company A where tax submitted for 6 months, another startup [Company B] which submitted 5 months tax.

So what should be the tax calculation criteria. Sum all salaries + AVP then calculate tax on that Or individually calculate tax on all three, which give very less tax amount ?

3

So what should be the tax calculation criteria. Sum all salaries + AVP then calculate tax on that

Yes. You need to add all salaries and AVP[I guess you Mean Variable Pay]. Also add any interest or other income you have earned. Then calculate tax. You may have to pay additional tax. Note that you have to pay taxes in advance else you will have to pay a penalty or 1% and interest of 1% per month.

Yes. You would need to pay tax plus penalty.

  • Hmm, Yes that I was thinking. It is already late I think as it is for 2013-14 financial period. So I need pay tax with penalty/interest? – kuldeep.kamboj Oct 21 '14 at 4:44

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.