New Rules of Perquisits

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Manoj Kumar (Querist)
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22 December 2009 What a great job done by govt!!! it takes 6 months to copy the same old version....Sir I have a query
1)how can a employer determined tax on perks of an employee who have left the org & settled his accoount before 18.12.09 & how these perks values will make impect in his form-16 which will be issued at the end of year, because if we will add these figures tax liability will be increased which we cant recover now.Can we issue a form 16 having a tax payable figure.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 December 2009 The employer has to issue form-16 to the employee with a payable figure. Otherwise penalty proceedings may be initiated as per section 272A(2)(g) if and only if tax has been deducted by the employer on income other than those raised in the query.
If Form 16 is issued with a tax payable figure, it implies that the employer has not deducted whole or any part of tax as per chapter XVII-B which may lead to initiation of penalty proceedings under section 271C for which the employer can seek remedy under section 273B with a plea that the rule of valuation came belatedly.

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