Form 16
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 May 2012
We have a common Director in two of our related companies. Now for preparing Form 16, whether we have to show the details of deduction u/s 80C/D, for the payment made by Director in both the companies Form No. 16 or only in any one of the company.
For Eg :
SAlary from Co. A : 540000/-
SAlary from Co. B : 540000/-
LIC : 85000
PPF : 5000
Now for preparing Form 16, Deduction u/s 80C of Rs. 90000/- would be for the companies or only in single company.
Thank you.
An early reply will be appreciated.
For Eg :
SAlary from Co. A : 540000/-
SAlary from Co. B : 540000/-
LIC : 85000
PPF : 5000
Now for preparing Form 16, Deduction u/s 80C of Rs. 90000/- would be for the companies or only in single company.
Thank you.
An early reply will be appreciated.
31 May 2012
It should be considered only in one of the companies.
If you consider the same in both the companies, double benefit will be allowed.
But in actual, he will be able to claim only single benefit and tax will be payable at the time of filing the return.
If you consider the same in both the companies, double benefit will be allowed.
But in actual, he will be able to claim only single benefit and tax will be payable at the time of filing the return.
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