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
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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.
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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.
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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.
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