Income Tax Liability

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?

Questions by yesvijay2004   answers by yesvijay2004

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chintamani

  • Jun 1st, 2008
 

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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chintamani

  • Jun 2nd, 2008
 

If employee miss to submit the proofs to employer for his tax computation, employer will compute employees tax as per actual proofs.

Employer will issue Form 16 to employee. This form 16 shows detailed tax computation of an employee for current financial year.

If any tax refund is there for employee, employer will mention the same in employee(s) form 16.

As per sec 192 of IT Act if any tax is to be refunded the same has to be collected it from IT department. Employer is not at all responsible for the same.

Employer is not @ all responsible for employee(s) tax. 

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