Hi all seniors,
Below are some doubts that I have regarding form 16 for income tax.....
1. Is it mandatory to file form 16 whethere a person has taxable income or not...??
2. In case of taxable income if there is some home loan and insurances that nullify the tax....whether to file form 16 is must or not??
3. Also providing form 16 to the employees is employers duty...isnt it...??
Pl clarify all above doubts....at the earliest....
From India, Madras
6Below are some doubts that I have regarding form 16 for income tax.....
1. Is it mandatory to file form 16 whethere a person has taxable income or not...??
2. In case of taxable income if there is some home loan and insurances that nullify the tax....whether to file form 16 is must or not??
3. Also providing form 16 to the employees is employers duty...isnt it...??
Pl clarify all above doubts....at the earliest....
From India, Madras
Tax :A fee charged by a government on a product, income, or activity.
Income: The earning is taken as TAX.
To reduce tax we are giving Investment Proofs etc….
The tax deducted and Paid to the government is shown as FORM16.
In this case where the duty is comes If you submitted the Form16 you will get benefit.
From United States, Palo Alto
Income: The earning is taken as TAX.
To reduce tax we are giving Investment Proofs etc….
The tax deducted and Paid to the government is shown as FORM16.
In this case where the duty is comes If you submitted the Form16 you will get benefit.
From United States, Palo Alto
Hi Antony,
Thanks for your response, But my doubt is still uncleared....
What if I didnt get form 16 from my employer...?? (in my office they say its to be requested by employee....)
what if I dont file the form 16...?? (as in my case I have home loan and other details showing that I dont have any net taxable income....)
From India, Madras
Thanks for your response, But my doubt is still uncleared....
What if I didnt get form 16 from my employer...?? (in my office they say its to be requested by employee....)
what if I dont file the form 16...?? (as in my case I have home loan and other details showing that I dont have any net taxable income....)
From India, Madras
What if I didnt get form 16 from my employer...?? (in my office they say its to be requested by employee....)
What is Form 16?
As you all know it is most important form and regularly used by us. It is a certificate issued to you by your employer stating the details of the salary you have earned and the tax deducted on your behalf and paid to the government
If you are an employee of the company (which means you are on the company's payroll), you should receive your Form 16 by April 30 every year.
what if I dont file the form 16...?? (as in my case I have home loan and other details showing that I dont have any net taxable income....)
Your Income tax will be more.
__________________
From United States, Palo Alto
What is Form 16?
As you all know it is most important form and regularly used by us. It is a certificate issued to you by your employer stating the details of the salary you have earned and the tax deducted on your behalf and paid to the government
If you are an employee of the company (which means you are on the company's payroll), you should receive your Form 16 by April 30 every year.
what if I dont file the form 16...?? (as in my case I have home loan and other details showing that I dont have any net taxable income....)
Your Income tax will be more.
__________________
From United States, Palo Alto
Hi Antony,
Now IT Deptt. is having all the TDS details with it related to a particular PAN because of the e-TDS Return. Hence there is no requirement to file Form 16 with your Return.
It is the responsibility of the employer to issue Form 16 before 30th April every year, otherwise there are penal provisions in this relation in the Income Tax Act.
The quantum of penalty is fixed under section 272A as under
272A(2) If any person fails –
(g) to furnish a certificate as required by section 203 or section 206C ; or he shall pay, by way of penalty, a sum of one hundred rupees , for every day during which the failure continues:
Provided that the amount of penalty for failures in relation to a declaration mentioned in section 197A, a certificate as required by section 203 and returns under sections 206 and 206C shall not exceed the amount of tax deductible or collectible, as the case may be.
Regards
Swati
From India, New Delhi
Now IT Deptt. is having all the TDS details with it related to a particular PAN because of the e-TDS Return. Hence there is no requirement to file Form 16 with your Return.
It is the responsibility of the employer to issue Form 16 before 30th April every year, otherwise there are penal provisions in this relation in the Income Tax Act.
The quantum of penalty is fixed under section 272A as under
272A(2) If any person fails –
(g) to furnish a certificate as required by section 203 or section 206C ; or he shall pay, by way of penalty, a sum of one hundred rupees , for every day during which the failure continues:
Provided that the amount of penalty for failures in relation to a declaration mentioned in section 197A, a certificate as required by section 203 and returns under sections 206 and 206C shall not exceed the amount of tax deductible or collectible, as the case may be.
Regards
Swati
From India, New Delhi
Hi Swati, as you said its responsiblity of employer to give form 16.....is it to all employees or only to those who exceed the slab...??
From India, Madras
From India, Madras
If tax is deducted at all by the employer, then they give a form 16 as mandatory. But if tax is not deducted then it is not mandatory for the employer to give form 16.
From Korea, Seoul
From Korea, Seoul
Hi, geeta,
The IT Act says that it is duty of employer to furnish Form-16 before Apr 30. There is a contradictory provision that employer has to file Form-24 before 15th Jun and furnish the acknowledgement number in Form-16. How can employer furnish the ack number before 30th apr when there is time to get the same till 15th Jun.
Srikant
From India, Madras
The IT Act says that it is duty of employer to furnish Form-16 before Apr 30. There is a contradictory provision that employer has to file Form-24 before 15th Jun and furnish the acknowledgement number in Form-16. How can employer furnish the ack number before 30th apr when there is time to get the same till 15th Jun.
Srikant
From India, Madras
Hi Srikant
I don't know any employer really furnishes f - 16 before 30th April. I got my f 16 in June,because our CA said employees can file it up to 31st July. So I am aware of only one thing from employee's point of view that if they get f-16 latest by June end then they should consider themselves lucky and working for good company.:-D
The other question I am not really aware of the answer.But hope it clarifies.
Thanks
Geeta
From Korea, Seoul
I don't know any employer really furnishes f - 16 before 30th April. I got my f 16 in June,because our CA said employees can file it up to 31st July. So I am aware of only one thing from employee's point of view that if they get f-16 latest by June end then they should consider themselves lucky and working for good company.:-D
The other question I am not really aware of the answer.But hope it clarifies.
Thanks
Geeta
From Korea, Seoul
When you cross a certain income limit P.A. it is taxable. This slab is different for male & female. When when you cross the income limit, if you show savings for that amount, then no tax will be deducted.
But for that you have to take Form 16 from the employer, if your income is in taxable limits. Every employer will issue Form 16.
Hope it answer your query.
Rgds,
Rajesh Nayak
From India, Bangalore
But for that you have to take Form 16 from the employer, if your income is in taxable limits. Every employer will issue Form 16.
Hope it answer your query.
Rgds,
Rajesh Nayak
From India, Bangalore
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