Hi friends,
Incentives to employees for the period of Jan to March'11 are in pending ,we are paying those incentives in the mnth of Aug'12 .
But with out considering those incentives income we have issued form 16 to employees for the financial year 2011-12.
But in the company financial statements we have shown those incentives as expense in the f/y 2011-12 only.
Do we need to issue revised form 16 considering incentives r do we have any other remedy ?
Please suggest.
Hi, can anybody answer plz
Hello M. Varalakshmi
It depends on nature of incentive given to employess. if incentives are accrued wid salary , then TDS also to be deducted on that.
if TDS not deducted on that, then TDS return also to be revised with depositing TDS with interest and Revised Form -16 to be issued to employess.
They are quarterly incentives and have to be paid for the year f/y 2011-12 only but we have made the payment lately .
yes, even quarterly incentives are also part of taxable salary, and tds have 2 be deducted on that amount and revised form 16 have to
be issued.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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