Co A has paid salary to Mr. A Rs 600 in FY16 (monetory perk being Rs 400). TDS has been accordingly dedcuted (say Rs. 200). Now in FY17 Co A has decided to have a revised compensation poliy under which tax in non-monetory perks will be beared by Company. This revised policy is to become effective from 1 April 2015 (i.e. FY16).
This means that Form 16 needs to be revised (to disclose exemption u/s 10(10CC) - tax on non-monetory perks).
Query - Further, in this regard wanted to check whether 2Q neeeds to be revised? If yes reason for such revision?
Further is there a need to reived the tax challan (assuming that previuosly also tax on non-monetory perks was discahrged by separate challan)? if yes, reason for such revision?
Nilay M Mehta (+8904627537 / 9611917171)