Notice regarding Income Tax 2016-2017
Memo No.12F/2016-17/166 Dated : 21.12.2016
C I R C U L A R
Sub : Computation of Income Tax for the previous year 2016-2017
relating to the Assessment Year 2017-2018
As per rules of Income Tax Dept, Institute is liable to deduct TDS on Income from salary and other income within the month of February each year and to be deposited to Central Govt. Account. Otherwise heavy penalty and provision for prosecution may be imposed.
On the basis of experience of past years, the following system has been introduced from this year to be followed strictly in order to avoid complications in future.
Therefore, attention is hereby sought of all the faculty and staff members of IIEST, Shibpur regarding the Annual Income and Savings Declaration. Enclosed herewith is the format of declaration:
- Part 1 (Mandatory) – Form 12BB for all the tax saving investments etc made by them;
- Part 2 (Optional) – Declaration of Income other than income from Salaries and TDS deducted thereof.
The above forms duly filled up along with the documentary proofs have to be submitted to the accounts department positively by 10th of January 2017 failing which full TDS would be deducted from the Employees’ salary payments of January and February 2017 assuming no savings has been made. Only credit of basic exemption limit and PF deduction would be considered in such cases.
It may be further noted that any advance tax payment made by the employees vide bank challan would not be considered.
We expect full compliance on the part of the faculty and Staff members as this would go a long way in helping us comply with the rules and regulations set by the Income Tax Department and save us from hassles in future.
Sd/- S. N. Datta
Finance Officer (Actg.)