Income tax query 2007-2008?

My last employer whom I worked with 4 months didnt deposited tax from my income. They paid that amount to me after my full and final. Basically, they did not provide me form 16 as they say they have not done accounting yet of their company…….now they have told me that I can go and deposit my tax for 2007-2008. I have account statements, salary slips……..what else doc is reqd? I dnt have form 16 remember and should i really deposit this tax? Wouldnt the company be liable if they didnt deposit my tax? Please advise

Income tax query 2007-2008?
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3 Replies to “Income tax query 2007-2008?”

  1. You can prepare your own salary statement.
    Following are the deductions permissible from your salary:

    Deduc. u/s – 10
    Vehicle Allowance – Rs. 800 per month.
    Education Subsidy – Rs.100/- per month per child.
    Rental accommodation – HRA – 10(13A)
    Medical reimbursement upto Rs. 15000/-

    Deduc. u/s 16
    Tax on Employment

    Loss from house property – 24(B) –
    Interest paid on borrowed capital (housing loan) up to Rs. 1,50,000/-

    Deductions under Chapter VI A :
    Ext. of Rs.15000/- to 20000/- invested in medical insurance premium.- u/s 80D

    Deduc. u/s 80C
    1) Contributions to EPF, VPF, FPS, Approved Superannuation Fund.
    2) Contributions to PPF.
    3) To premium paid for Life Insurance Policy of self/spouse/children, ULIP, Dhanraksha.
    4) To NSC VIII issue / accrued interest on NSC.
    5) To schemes of PSU’s providing long term housing finance.
    6) Time deposits with Post Office.
    7) To ELSS of Mutual Funds.
    8) Repayment of home loan principle.
    9) Tuition fees of full time education for 2 children – Rs. 12000/- each.
    10) Investments in Infra-structure bonds.
    11) Investments in Bank Fixed Deposits for 5 years.
    12) Investment in Pension fund.- u/s 80CCC

    After deducting the above amounts the balance is your taxable income.

    Pay self assessement tax with interest @ 1% p.m. since 31.03.2008.

    Form 16 is a certificate of TDS & deposited with the IT dept. Since no tax was deducted in your case, it becomes your responsibility.

  2. hey .dude…if you dont pay ….the company has to pay from its pocket .soo they are forcing you ………………….now its up to you …….got courage say no to them ………………coz it was ter mistake for not deducting and depositing tax at right times……………but if its a small amount .better pay it off…… avoid unnecessary conflicts …

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