Hi,
Recently I got my form 16 from my company, I have a question regarding form 16,
before that I have tell small story , my company had deducted less TDS tax every month, at the end of financial year they calculated again the TDS for complete year and came up saying they had deducted less tax every month it has to be . so they asked us to pay the remaining amount, all we have paid the amount as we need form 16 from them.
Now coming to form 16,
I got a form 16 from them mentioning in the last row Tax payable/refundable as 23000 Rs. payable, it is the amount I paid to them at the end of financial year as excess tax I have to pay them which they didn’t deduce at the end of every month,
From the knowledge I have about form 16, they gave me form 16 saying I have to pay Tax 23000 Rs. to the tax department, I want to know is it correct what I think?
As far as I know Tax payable/refundable should be zero as I have paid them the entire amount I should.
I contacted the HR but they said the form 16 what they gave me is correct and some one had misguided me.
I really don’t understand which is correct; please guide me in this issue.
What does it mean 23000 Rs. Payable in the last row Tax payable/refundable?
Your suggestions are really valuable for me,
I thank you in advance and regards
Madhu
CAclubindia
