Hey everyone, the employee is asking for Form 16, but in our company, we are not deducting TDS or IT. However, he needs it for the loan procedure. Please suggest a solution.
Hi, An employer is liable to deduct Income Tax or TDS if the salary exceeds the exemption limit. Have you checked with your Accounts team to see how they are managing this?
Hello, it is the responsibility of an employer to deduct taxes as per applicability. According to Section 192, the employer is required to deduct tax at the source on the amount payable at the average rate of income tax. This is to be computed based on the rates in force for the financial year in which the payment is made.
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