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About This service

An employee may have other incomes apart from salary, like Interest Income apart from salary, FD, Rental Income, etc. The employee needs to provide the details of his other earnings to his company for filing Income Tax Returns. If those are not provided to the company, he will not be able to enjoy the benefits. Section 192 (2B) of the Income Tax Act allows an employee to furnish particulars of income under any head other than “Salaries” for the same financial year and of any tax deducted at source thereon. In other words, an employer can consider an employee’s other income and the tax deducted at source (TDS) on the other income while calculating TDS on salary.
Consult MyTax provides one-to-one personalized online income tax return filing service, wherein each tax return is reviewed and e-filed by our Tax Experts after discussing with you. Under this plan our experts will file your tax returns, making sure you there is an accurate disclosure and you get benefit of all available tax deductions.

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Includes/exclude

in service

  • Tax filing for individuals with capital gains, ESOP or salary arrears
  • E filing of form 10e

Whom

it’s beneficial

  • Salaried Employees with ESOP in domestic companies
  • Salaried Employees/non-salaried individuals with Capital Gains from Property/Stock
  • PSU Employees with salary arrears under OROP, 6th Pay Commission

Process

  • Purchase plan
  • Provide documents
  • Review Computation Sheet
  • Get ITR-V after e-filing

Information/Documents

needed

  • KYC Information
  • Name, Father’s Name, DOB, Bank Account No., IFSC Code, PAN Number,Aadhaar card, Address
  • Form 16 from your company
  • Form 16 (Part A and Part B (If separate))
  • Additional Form 16
  • Additional Form 16 or If you have Form 16 Part B
  • Form 26AS Tax Credit Statement
  • From 26AS can be downloaded from net banking or Income tax Website
  • Capital Gain Statement
  • Income Proof from Mutual Funds/Trading/Sale of Property

Other Information

Select this plan if you have incurred a profit or a loss from sale of stocks or mutual funds or house property in addition to salary income. This plan is not for intra-day or derivative traders.
Individuals can take advantage of our service for e-filing of tax return, in scenarios wherein individual have worked for more than one employer in year having single or multiple forms 16 (salary certificate) or who have missed out to declare their tax investments to their employees.

What are the Conditions for considering Other Income?

The following conditions have been imposed by Section 192 in this regard.
1. The employee should submit a declaration under Rule 26B with details of Other Income and TDS on Other Income, to the employer.
2. The employee cannot declare a loss under any “Other Income” other than “Income from House Property.”
3. The addition of TDS on Other Income should not reduce the tax deductible on salary.

How to make Entries in Form 24Q and Form 16?

Payroll managers can consider TDS on Other Income for the sake of calculating tax on salary. However, from the point of view of issuing Form 16 and filing Form 24Q, TDS on Other Income poses a problem to the employer.
In both Form 16 and Annexure 2 in Form 24Q for the last quarter, the details of Other Income can be displayed, but there is no provision to display details of TDS on Other Income. As a result, in both Form 16 and Form 24Q (fourth quarter), it would look as though there is a shortfall in tax deducted by the employer while in reality it is not the case. Let us take a look at an example to examine this.
There is no provision in Form 16 and Annexure 2 of Form 24Q (fourth quarter) to present TDS on Other income. By taking a look at just Form 24Q (fourth quarter) – in its current format – the Income Tax Department will not be able to figure out whether the difference between the Tax Payable figure in Part B of Form 16 and the Tax deducted/remitted figure in Part A of Form 16 is as a result of a genuine under deduction of tax by the employer or due to TDS on Other Income. In case the Income Tax Department raises a query in this regard, the employer needs to explain that the difference is on account of the TDS figure on Other Income.
The Income Tax Department should consider modifying the format of Form 16 and Annexure 2 of Form 24Q (fourth quarter) to show TDS on Other Income separately. This will ensure that the Tax Payable amount (due to salary) in Part B of Form 16 is equal to Tax deducted/remitted amount in Part A of Form 16.

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