i have a doubt regarding the submission of from 16 from the previous employers. I have submitted all the investment proofs to my current employer. However, it is a usual practis that many organizations ask for the form 16 from their previous employers. I have come to my current organization in the mid of financial year, how ever there is no question of form 16 coming into the picture in my present organization. I am confused whether i need to necessarily get from my previous employer or forget it. someone, please help me out!
RE:Reg Form 16 from previous employers
by Anilkumar Kucheria on Feb 24, 2008 12:42 AM Permalink
The concept is quite very simple & comprehensible. Take your case, u changed ur. job in the mid of the current financial year, But, u got your salary from ur. ex-employer, that means u earned for that period and now, u changed ur. job and started drawing /earning from ur. new job, u club both the incomes, if the same goes beyond the exemption limit, u keep urself ready to pay tax, if the its below the limit, then vice-versa, means no tax payment. Is it clear ?
RE:RE:Reg Form 16 from previous employers
by Anilkumar Kucheria on Feb 24, 2008 12:44 AM Permalink
In any case, u have to collect Form-16 from ur. ex-employer for the Income u earned. That's it.
RE:Reg Form 16 from previous employers
by Anilkumar Kucheria on Feb 24, 2008 12:57 AM Permalink
Mr. Patil, Form-16 is a compilation of Income you earned during one financial year whether from one employer or more than one, does not matter. So, u have to collect Form-16 from ur. ex-employer.
RE:RE:Reg Form 16 from previous employers
by cynic on Feb 24, 2008 11:23 AM Permalink
Relax. I was in a similar situation, but did not have the inclination to go ask my previous employer for Form 16. You need the old employer's Form 16 only if you want your new employer to file returns on your behalf. Instead of filing my returns via the new employer, I filed it myself showing only the Form16 given by the new employer. It took hardly 15 minutes. It of course meant that I'd not declared my income for the year spent with the old employer, but I'm no millionnaire and so IT dept does not check at this level of detail (they're Indian government employees, after all!)
Unless you're a really rich guy, you can save a lot of hassle by not bothering about the old Form16 at all.
RE:RE:Reg Form 16 from previous employers
by akalp srivastava on Feb 24, 2008 02:14 PM Permalink
It's not OK. One should show the total income earned in a FY and pay the tax accordingly. IT department can check the total income earned from the banks also, and then one has to pay heavy fine on the unpaid tax.
RE:Reg Form 16 from previous employers
by rajeev goyal on Feb 11, 2008 12:31 PM Permalink
you have to collect Form -16 from your previous emplyoyer on behalf of that only you can fill IT return of this year.
