What is the procedure to submit income tax?

I am employed in an UGC recognized state govt aided college. This is the first time I am subjected to income tax deduction and I would like to get my doubts clarified regarding it. First, is it compulsory for the college authority to deduct the income tax considering all kinds of income (salary, fixed deposit, bank interest) or can I submit the income tax through my personal tax consultant? What if I make mistake in calculating my income tax (more or less than the actual amount)? Second, when is form no. 16 required in the process?

4 Replies to “What is the procedure to submit income tax?”

  1. It is not compulsory to declare your other income to your employer.

    Try going thru a copy of ITR-2.

    Contact a tax preparer TP of your area.

    Form 16 is a TDS Certificate.


  2. If you are getting Taxable salary over than Rs.20000 per month your company had to deduct tds from your salary and Form 16 will be provide to you in the month of june next year after they submit TDS return to Income Tax. You can go to tax consultant for calucation of Taxable Income or their online site for filing of income tax return u can use.

  3. You should try to file the tax return online. The advantage is that a good online tax platform gives you step by step guidance in filing of return thus making sure that your calculations are right.
    You can try http://taxyogi.com/

    It also saves paper.

  4. Your employer is required to deduct tax at source on the amount paid to you as salary and any other income informed by you only, Employer is not required to file your income tax return. You can file your return on your own or through a consultant. Better to file through your consultant for one or two year to learn the whole process. Form 16 is a certificate of tax deducted by your employer, it will be required at the time of filing your income tax return either on your own or through your consultant. In case you make a mistake, the same can be rectified at the time of filing return and if return has been filed, you can revise your return within specified time limit.

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