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Question: Income Tax Liability
Answer: If the declarations provided during the financial year and employee not provding the proof during the financial year ending- how should the tax liability be calculated. is it employer's duty to pay the enitre tax or the employer can issue the Form16 stating that tax is due? |
| June 06, 2008 21:56:43 |
#1 |
| chintamani |
Member Since: June 2008 Total Comments: 7 |
RE: Income Tax Liability
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Declarations would be considered to compute projected tax liability for the financial year. If the employee does not submit the hard copy's of proofs @ the year end tax would be computed on actuals. Projected declarations would be made zero & actual proofs would be taken into consideration.
Employer is not responsible for the same. Due to which if any excess tax is deducted by employer. Under sec 192 of IT Act. employee has to tax the refund from income tax department. |
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