Student Final CA
93 Points
Posted on 21 December 2011
DEAR The Indian Boy,
1. YOU CAN ASK THE LOAN PROCESSING OFFICE TO CONSIDER MONTHLY SALARY SLIPS/ CERTIFICATE/SHEETS AS A PROOF OF SALARY,
STATING THE REASON AS FORM NO 16 CONTAIN HEADING AND MEAN AS FOLLOWS
"Certificate under section 203 of the Income-tax Act, 1961 for Tax deducted at source on Salary"
AS THE BASIC EXEMPTION LIMIT IS NOT CROSSED / TDS IS NOT DEDUCTED BY THE EMPLOYER COMPANY SO, NO FORM NO 16 CAN /(MAY) BE OBTAINED.
MORE OVER,
2. U MAY GENTLY ASK/ REQUEST TO THE EMPLOYER COMPANY TO ISSUE FORM NO 16AA(Certificate for tax deducted at source from income chargeable under the head “Salaries” – cum – Return of income),
AND SATISFYING THE FORM NO 16AA ISSUER OFFICER ABOUT THE RULE FOR/ CONDITION ON WHICH ISSUE OF SUCH FORM IS PERMITTED.(WHICH ARE AS FOLLOWS),
FORM NO 16AA CAN BE ISSUED BY EMPLOYER
2a. IF the income from salaries before allowing deductions under section 16 of the Income-tax Act, 1961 does not exceed rupees one lakh fifty thousand; AND,
2b. INCOME MUST NOT INCLUDE CAPITAL GAIN, P&G ON B/P OR AGRICULTURAL INCOME, AND
2c. TDS MUST NOT BE DEDUCTED FOR ANY OTHER INCOME.
APPLICATION OF ANY OF THE 2 OPTIONS MAY FULFILL THE REQUIREMENT OF YOUR FRIEND'S LOAN PROCESSING.
ALL THE BEST. HV A GREAT DAY.