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Form 16 not given by employer?

Can I club interest income with form 16 income?

  • My employer has given me Form 16 for A.Y. 2010-11. While computing form 16 details, my employer did not consider my income from other sources (interest income from P.O. MIS scheme). The interest income for AY 2010-11 in my case is Rs 17760/-. Can I add interest income in section income from other sources along with Form 16 income details on ITR-1 form and file tax return? Does disclosing interest income at the end of the year attract any penalty ? Can I go to IT Dept office and file the return in person?

  • Answer:

    First and foremost you have to pay self assessment tax on 'Income from Other Sources' at your personal slab rate. 1. Interest income is declared under the head Schedule OS i.e. 'Income from Other Sources' & Income from salary is declared under the head Schedule S. 2. Interest income is declared only at the end of the year, when you file your ITR. If you pay self assessment tax before 31.07.2010 then no penalty. Pay tax thru Challan 280 in any nationalised bank. 3. You can go to your ward office and file the return in person. HMT

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You have to club other income with your salary. Penanty in the nature of interest arise if tax liability exceeds Rs. 10,000/ which is not in your case if you paid the tax by 31-07-2010 for the Assessment Year 2010-11. In future you can intimate your employer about your other income and request to deduct TDS on that income too.

CA GOUTAM BAID

the form 16 is just a TDS certificate given by the employer. usually interest is not included in it as the figure is clear only after 31st mach. it just means that while u fill ur ITR or Saral, u need to enter the figure there in the appropriate place and pay a self assessment tax on the amount not included in the form 16 (if u r in the tax bracket). if u have already filed the return then u need to fill in the same type of return and tick in the REVISED box. there is no need to meet any official.. tc

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