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Investment Submission?


I worked in a company 'A' for FY 2006-07 from April'07 to Feb 10,2007 and join another company 'B' on Feb 12,2007. I could not able to provide Form 16 to company 'B' for FY2006-07 during April'06n to Feb,07 because company 'A' has not issued me Form 16 till the time and company 'B' has no details of my income/tax deduction/investments from April'06 to Feb 10,2007. And company 'B' has assumed only income from Feb 12,2007 to March,2007 so did not deducted any tax for FY2006-07 from Feb 12,2007 to March,2007. In company 'A' in January,07 I submitted investments till Januay'07 month.
Then whether could I submit my all the investments e.g.Home Loan, Mutual Funds,LIC Premium,etc for FY2006-07 in company 'A' or not. Becuase I left company 'A' on Feb 10,2007 and now company 'A' is saying that I will consider only investments till yours presence in my company 'A' till Feb 10,2007 and I will not consider investments e.g Home Loan, Mutual Fund etc for whole FY2006-07. Now I am not getting the benifits of all the investments during FY2006-07. Please let know whter could I submit all investments for FY2006-07 in company 'A' or not and so that I can forward yours answer to company 'A' accountant so that he should consider my whole year investment.

Income from both company should be clubbed.
The amount so arrivied will be your total income from that you have to calculate tax.

Now question arises whether Company A has provided the Income statement upto your presence in that company.

Company A MUST deduct amount according to the rule if not providing form 16.
Of course Form 16 will be issued in the year end.

If Company A is agreed to provide the Income statement upto January 2007 then its fine .

Club the income and calculate tax under self assessment.

no idea

Income from both company should be combined for computation.The amount so arraived will be your total income on which tax payable will be calculated.

Company A will give a statement with figures upto month worked in that company along with details of investments and TDS deducted.

If Company A is agreed to provide the Income statement upto January 2007 then its fine .

Club the income and calculate tax under self assessment

You avail Form 16 from both the companies and submit incometax return in the prescribed format giving full details of your salaries in both the companies during that particular period and show your investments in various schemes and the details of tax deducted at source by Company 'A' and pay tax as per your calculations with details.

The I.T. Department after scrutiny of your return will ask you to pay any tax if due from you or return any excess payment of tax if paid by you as per correct tax rates.

Next time onwards you will give your investment details to the existing Company 'B' and they will issue Form 16 as per the rules.

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