Form-16
This query is : Resolved
21 July 2010
Dear Sir,
Can we have issue Form-16 for those employees which income is below 1.50 Lac
Can we have issue Form-16 for those employees which income is below 1.50 Lac
Nirpendra Singh
(Expert)
21 July 2010
Dear we can issue but there is no such legislative requirement .
We should see the main logic behind this i.e. to make easier return fling for those who are not aware with the Indian complicated taxation act.
moreover it will distort your accounting picture means you will get disturbed if you will start to issue form 16 even to those employees whose no tax is deducted.
If you are satisfied than plz click on THANKS.
We should see the main logic behind this i.e. to make easier return fling for those who are not aware with the Indian complicated taxation act.
moreover it will distort your accounting picture means you will get disturbed if you will start to issue form 16 even to those employees whose no tax is deducted.
If you are satisfied than plz click on THANKS.
21 July 2010
Thanks for your reply
But sir the main reason behind this, the employee requirment for loan and the bank will ask for form-16. shall we issue or not?
Pls suggest
Anirudh
But sir the main reason behind this, the employee requirment for loan and the bank will ask for form-16. shall we issue or not?
Pls suggest
Anirudh
Nirpendra Singh
(Expert)
21 July 2010
Yes you can issue it even if no tax is deducted of that employee or no investment is made under chapter VI –A on income tax Act 1961.
To be more specific you can issue to any employee whose tax is deducted or not without any legislative requirement , what so ever condition is there.
So you can issue to that employee.
If you are satisfied than plz click on THANKS.
To be more specific you can issue to any employee whose tax is deducted or not without any legislative requirement , what so ever condition is there.
So you can issue to that employee.
If you are satisfied than plz click on THANKS.
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