Form 16
This query is : Resolved
22 February 2011
I have come across a Form 16 showing "Other income reported by the employee as -30,000. Is it possible. Request explain.
22 February 2011
It is possible.........Employee has any other income..he can declare to company to include his form 16 or if Employee worked in two or more companies in one financial year....he may declare his earnings in other companies
22 February 2011
yes.. its possible.
If an employee has some income other than salary, like interest etc income & he does not want to get into paying any advance tax or self assessment tax, then he can declare the same to his/her employer.
The employer shall calculate the TDS on salary inclusive of such other reported income also.
If an employee has some income other than salary, like interest etc income & he does not want to get into paying any advance tax or self assessment tax, then he can declare the same to his/her employer.
The employer shall calculate the TDS on salary inclusive of such other reported income also.
22 February 2011
absolutely possible....
other income can be interest on FDs & Bank A/cs, insurance commissions, agriculture, and many more listed u/s 56
other income can be interest on FDs & Bank A/cs, insurance commissions, agriculture, and many more listed u/s 56
Message likes :
1 times
22 February 2011
Actually in this case loss has been shown (Minus 30,000), not income.
22 February 2011
any loss can be considered.. only by way of interest paid on house loan for self occupied property...
If its the same ... it would be admissible with ample proofs, otherwise its not allowed for an employer to consider the same.
If its the same ... it would be admissible with ample proofs, otherwise its not allowed for an employer to consider the same.
Message likes :
1 times
22 February 2011
Only loss under the head HOUSE PROPERTY (i.e. loss on account of interest on housing loan) can be reported in Form 16.
If loss is under the head OTHER SOURCES, the same cannot be considered in Form 16.
If loss is under the head OTHER SOURCES, the same cannot be considered in Form 16.
Message likes :
1 times
22 February 2011
I think if u seen -30,000/- means that person getting hp loan from dept. itself & paid from salary as regular installlment. that would be shown in other income (-). and (+) can be added to income as per experts opinion.
you have seen right Form 16.
you have seen right Form 16.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Taxation on LTCG for property sold after 24JUL2024
- TDS related Query_Liquidated Damages
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
