TDS reflection in form 16
This query is : Resolved
08 June 2009
A pvt. Ltd. co. give its directors Mr. X remuneration of rs. 5,00,000/- on 31.03.2009 after made a provision of TDS.
Now we have to issue Form No-16. Our directors intimates us Rs. 90,000/- as Bank F.D. Interest & Rs. 10,000/- (approx) as TDS Rec.
Now during the issuance we faced a propble. We have to mention Remuneration & Bank FD Interest in Form 16. On the other has we have to mention TDS amount in Form 16. But sir there is no space to mention the amount of tds deducted on Bank interest. As we have added the amount of interest as income so we have to mention its TDS portion also.
So kindly give me guidence that how to reflect TDS on FD Intrest in Form 16.
Now we have to issue Form No-16. Our directors intimates us Rs. 90,000/- as Bank F.D. Interest & Rs. 10,000/- (approx) as TDS Rec.
Now during the issuance we faced a propble. We have to mention Remuneration & Bank FD Interest in Form 16. On the other has we have to mention TDS amount in Form 16. But sir there is no space to mention the amount of tds deducted on Bank interest. As we have added the amount of interest as income so we have to mention its TDS portion also.
So kindly give me guidence that how to reflect TDS on FD Intrest in Form 16.
08 June 2009
Hi,
You need not have to mention the bank FD interest in Form No. 16A. Look, Form No. 16 is only a TDS certificate to be issued by the employer in respect of the salary paid by him . In any other income column you have to mention the income which is offered by the employee for tax deduction by employer. In this case in my opinion you need not have to mention the bank F.D. interest in Form No. 16. There is no clarifaction from CBDT in this regard. I keep this querry open for experts.
You need not have to mention the bank FD interest in Form No. 16A. Look, Form No. 16 is only a TDS certificate to be issued by the employer in respect of the salary paid by him . In any other income column you have to mention the income which is offered by the employee for tax deduction by employer. In this case in my opinion you need not have to mention the bank F.D. interest in Form No. 16. There is no clarifaction from CBDT in this regard. I keep this querry open for experts.
08 June 2009
No Mr. Ratan in case employee want any positive income (except loss from house property) to be considered in form 16 then he can give the details to employer. SO that employer will deduct the tds on that also accordingly.
Mr. Amar you need to add the bank interest at point no. 7 as other income. Now mentioned tds deducted at point no. 18 putting (c) as other certificate. You need to deduct the balance tds also.
Say in your case total income is taxable @30% slab rate then the income tax on interest will be 27K less tax deducted by bank 10K, so balance 17K needs to be deducted along with salary tds.
Mr. Amar you need to add the bank interest at point no. 7 as other income. Now mentioned tds deducted at point no. 18 putting (c) as other certificate. You need to deduct the balance tds also.
Say in your case total income is taxable @30% slab rate then the income tax on interest will be 27K less tax deducted by bank 10K, so balance 17K needs to be deducted along with salary tds.
09 June 2009
I agree with Mr Chetan Soni
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