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India shining2 August 4, 2007

Posted by karthicksundararajan in India shining, bike, employee of the month, form 16, pulsar fork, tax.
2 comments

What if I have two Form 16s and I file only one concealing the other? Can they find this out?

This was the question asked by a jackass bald head to the servicing dept which files income tax returns of my(not ma own ;) ) company employees. I am sure that guy earns pretty lump (seeing his looks ;) and not his form16). And at the end, he left filing only one form 16. I donno what he is gonna do by saving few thousands tax. People ask for road, water, electricity, infrastructure and what not all for free in India :( uhh mama, bad!

Hiding a form16 from filing is illegal. One must combine all Form 16s from the current and previous employers, and file the returns by adding the gross salary earned and the tax deducted by all the employers.

For example, when you combine two Form 16s, what you end up with is the tax payable at the time of filing your Income Tax Returns. Do remember, though, that both your former and present employers would have calculated your tax after deducting the standard deduction and basic exemption of Rs 100,000.

This means you will have to pay some amount of income tax over and above TDS. This also means that, once your rebate is corrected, you could find yourself moving on to a highter income slab. And the higher the income, the lower the rebate.
Awhhh that was really serious.
One more notable incident (not funny for me though) that happened last week is I fell down from my bike last week on my way to office after doing my MBA exam.
I am kinda OK now.. Right knee hurts a bit whenever I kick start my bike and left knee scratches are almost gone. Saddest part – I had been warned by one of my teammates who read my palm a couple of weeks ago that I will soon meet with an accident. Unbelievably, unfortunately my forks  collapsed and I kissed the earth. Pulsar seems to have serious problems with its fork as said by all auto magazines.

gotta go now.. feelin sleepy. just watched ‘Employee of the month’ movie and it was very light and good with a superb screenplay. hilarious movie :) and I liked it.