How to Prepare Form 16

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Rajnish (Querist)
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13 April 2010 Dear All,

please take a note that, how to prepare form 16.
For e.g. Mr. X getting following componet

Total Gross salary 2,50,000/-
PF - 15,000
Profession tax - 2,500/-
Reimb. Amount 50,000/- (Reimb. claim Against bills)

Note:- Reimb. and Profession amount will be reflected in Chapter VI-A.

Please guide me.

Regards
Rajnish

shraddha

shraddha (Expert)
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14 April 2010 Gross salary as per prov sec 17 (1 =250000

If medical allowance is included in salary structure and bills submitted for the samae then deduct from gross salary actual medical bills or 15000/- whichever is less.

Deduction - PT - = 2500

Gross total Income = 247500
Deduction Ch VI - PF = 15000
Total Income = 235500

Tax =7250
EC = 217
TAX Payable =2175
TDS if any =
TAX PAYABLE /REFUNDABLE =2175

Specify the Reimbursement if thy r perk thn included u/s 17 (2)

kartik_somu

kartik_somu (Expert)
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14 April 2010 agree with expert

Rajnish

Rajnish (Querist)
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14 April 2010 Dear Ms. Shraddha,

Thanks for your reply.

but my one question is pending.

If Ms. X Claimed telephone & Conveyance Reimb. of Rs. 50,000/- then how to present in Salary Certificated i.e. Form16.

As per my knowledge Less: "Allowance to the extent exempt under section 10" from Gross Salary.

Please guide me; your co-operation will be highly appreciated.

Regards
Rajnish

shraddha

shraddha (Expert)
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14 April 2010 only Conveyance Allowance is exempted u/s 10 @ rs 800 / - pm if ur nt in transport industry.

Hence if ur salary structure includes tel n conv allowance thn only conv is exempted

No tele allowance exempted

Rajnish

Rajnish (Querist)
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14 April 2010 Dear Ms. Shradha

Thanks for your quick reply.

But where I mention Reimb. amount in Form16 (this is not taxable).

please guide me.

Regards
Rajnish

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 April 2010 for perqusites You need to fill another form called Form-12BA along with Form-16. in this actual reimbursement/ exempted/ taxable columns are available

Rajnish

Rajnish (Querist)
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15 April 2010 Dear Mr. Ramesh Krishnan,
Ms. Shraddha
Mr. Kartik Somu

Thanks to all expert, to support me.

Regards
Rajnish

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