Income tax Declaration by Employees for FY 2016-17
According to the income tax guidelines, income tax is deductible annually for each financial year commencing from 1 st of April and ending on the 31 st March. The responsibility of the employer has been affixed by the Income tax Department to deduct income tax from the salary of employees monthly on proportionate basis and deposit before the due date ( Monthly) as prescribed and report same to Income tax Department (quarterly as well as annually). The aggregate tax calculated on the estimated projected income will be deducted proportionately in 12 months, thus the assessment needs to be done on at the start of the year. Therefore, all employees are requested to declare their proposed investments for financial year 2016–17 ,so that proportionate income tax could be calculated & systematic deducted from the salary can be started early It has to be noted that only the expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the asses