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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
