Hi, I hav changed my company during last November, henceforth I have Form16 from last April'06 to Nov'07.. and from my new company it is from Nov'07 to Mrach'08... in earlier Form16 Taxpayable is mentioned as 0. and in the current it is approx Rs 10K, but while filing return thru an online website, it is showing my tax payable for this year is approx 20k, why is this so??.. I hav shown investment upto 1,00,000 ... but still why do i need to pay so much tax... can anybody please explain...
RE:clarification on Tax return required...
by subin raj on Jul 17, 2008 10:54 AM Permalink
The problem is the assesment is for a year. Govt wont consider individual form 16. they just add up you r total income for a year and then deduct the investment declarations. The problem is first company u have might have earned 3 lakh salary and in second comapny u might have got a n increase and it is 6 lakhs you earned in that finanacial year...so total of 9 lakhs u earned. Individual if u calculate the tax is correct as per your both form 16. But when u clalcualte together the varience will come up.Same happend to me and I have to pay 10k. i worked April to May mid in one compabny and rest in other ..
