Hello, To give you a gist of the situation, I am the sole proprietor of a firm in India employing less than 5 people and my firm is registered under the shops and establishment act. My question is, can I issue payslips to my employees in case one of them wants it as a proof to apply for a loan in a bank? If I can issue payslips, do I need to register for a TAN number even though I do not collect any sort of tax from my employees (5 employees, none of who receive more than Rs.1,60,00 per annum)? Any assistance in this matter will be greatly appreciated.
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Sole proprietor and payslips
Replies (2)
Yes, you can. In fact you must issue form 16.
You can issue payslip to your employees.
As the salary paid to your employees are less than taxable limit, no need to have
TAN also.
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