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Form-16 wrong declaration by employee

This query is : Resolved 
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(Querist)
23 February 2011 What are the implications if a employee wrongly declares loss under the heading :Other income reported by the employee" and the said loss is NOT on account of interest on housing loan for self occupied property. What are the liabilities of the Company and employees.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
23 February 2011 Liability on employee only. for employer also need to pay the penalty of non deducted TDS amount since not verified documents properly
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