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form 16

Sweta Jalan (Company Secretary) (177 Points)

12 February 2009

Who can sign form 16? What is the maximum amount deductible in case of Interest on Houseing loan if Rs.180000/- is paid as interest in the f.y. 08-09 and where to show it in form 16?

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7 Replies

CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
Replied 12 February 2009

Hi Sweta From 16 to be signed by director/ partner/ propriter/ . Maximum amt of deduction of interest on losn is rs. 150000.00 as per sec 24 of IT ACT 1961. AMT OF INTEREST TO BE SHOWN UNDER THE HEAD INCOME FROM HOUSE PROPERTY.

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Abhinav Agarwal (M.Com C.A SAP Consultant) (814 Points)
Replied 12 February 2009

While filing TDS return, The deductor need to give the declaration and his personal details. As per prudent practice, he only should sign the TDS certificates. Deductor can be anybody from Finance department (preferably the senior person) or as mentioned above by Navin. There is no compulsion as to only Director / proprietor should sign.

Better mention the name of your Boss. This is what i used to do.

CA. Ashok shah (CHARTERED ACCOUNTANT) (333 Points)
Replied 12 February 2009

Form No.16 is required to be signed by the person responsible for deduction of tax. He/she has to state his/her name and designation. Further, if the capital is borrowed on or after 01-04-1999 and three conditions viz. 1) it is for acquiring or construction of a property , 2) acquisition or construction completed within 3 years from the end of the financial year in which capital was borrowed and 3) person advancing loan certifies that such interest is payable in respect of amount advanced for acquisition or construction of the house or as re-finance of the principal amount outstanding of the earlier loan taken for such purpose, are fulfilled, it is deductible upto Rs.150000/- u/s.24(b). Otherwise, it is Rs.30000/- only.

The said interest is required to be shown and claimed in item No.7 (a) of Form 16 which is “Any other income reported by the employee a) Income from House Property b) other Income.”

Sweta Jalan (Company Secretary) (177 Points)
Replied 13 February 2009

Suppose tds returns for 1st and 2nd quarter are signed by one director and for 3rd and 4th quarter are signed by another director. Can Form 16 be signed by the Senior manager of the Company?

Sweta Jalan (Company Secretary) (177 Points)
Replied 16 February 2009

Originally posted by :Sweta Jalan
"	Suppose tds returns for 1st and 2nd quarter are signed by one director and for 3rd and 4th quarter are signed by another director. Can Form 16 be signed by the Senior manager of the Company?	"

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CA. Ashok shah (CHARTERED ACCOUNTANT) (333 Points)
Replied 16 February 2009

Yes, Form 16 can be signed by senior manager of the company. Please note that in case of the company, the Principal Officer of the company is responsible to file the TDS returns (Refer Rule 31A). The definition of Principal Officer in Sec.2 (35) includes manager of the company.

Manjunath.M.S (Accountant) (22 Points)
Replied 20 February 2009

Hi Freinds,

Can any one plz help me out with details like when to make all TDS,Service tax and Porfessional tax payments.And also intervals for all these Returns filing.

Its a pleasure for me to seek your help.Plz help me