Jobs, tax liability, Tax Deduction, 
calculations
Jobs, tax liability, Tax Deduction, calculations

Changing Jobs? Furnish Form 12B From Previous Employer For Tax Calculation

Otherwise you may have to pay interest on the shortfall in the tax liability determined at the time of filing of your return. Your global income is taxable in India. If there are losses in the current year as well, please file your income tax return by 31st July 2024.
Q

I have changed my employer during the year. My present employer is asking me to furnish Form 12B for the salary of my previous employer for the calculation of tax deduction. Can I refuse to give it to my current employer?

A

As per the provisions of Section 192(2), an employee may furnish details of salary received from his previous employer/s during the same financial year to the present employer. As the details of your salary are anyway furnished by your earlier employer/s to the income tax department through TDS return on salary on a quarterly basis, I would advise you to furnish the details at the earliest otherwise you may have to pay interest on the shortfall in the tax liability determined at the time of filing of your return as both the employers would have given you the benefit of basic exemption and deductions.

Q

Three months back I got transferred to the US office from my India office. In the US I have all new employee IDs, Accounts, etc. Do I need to pay tax in India on the amount I earned in the US?

A

You would be considered a resident in India in the current year for the purpose of taxation under the Income-tax Act, 1961. Your global income is taxable in India. So your US income is still taxable in India. However, you will get tax rebates for the taxes paid by you on such income in the US.

Q

Sir, I have been doing share trading for the last few years. I have lost around Rs. 8 lakhs but I have not filed my IT returns. Can I file it now and claim the loss?

A

In case you have not filed your income tax return by the due date prescribed under Section 139 there is no way you can claim the carry forward of the losses. The due date of filing of returns is generally 31st July every year. So even for the financial year 2022-2023, you have missed the deadline hence with respect to losses up to the financial year 2022-2023, you have lost your right to carry forward the losses. However, if there are losses in the current year as well, please file your income tax return by 31st July 2024 so as to be able to claim carry forward of the current year’s losses.

The author is a tax and investment expert

(Disclaimer: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.)

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