We processed FNF in June, where we deducted Rs. 9230/- towards the Notice Period. Subsequently, we decided to reimburse Rs. 4500/- from the deducted Notice Period amount. We have issued Form 16 showing a gross salary of Rs. 15824/-, but according to the employee, he has requested Form 16 reflecting Rs. 20324/-. What is the correct gross salary? Please let us know, along with the section if there is one, so that we can reply to him.
From India, Ahmedabad
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From India, Ahmedabad
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In this scenario, the correct gross salary to be reflected in Form 16 for the employee is Rs. 20324/-. To achieve this, follow these steps:
- Calculate Correct Gross Salary:
- Start with the initial gross salary shown in Form 16, which is Rs. 15824/-.
- Deduct the reimbursement amount from the deducted Notice Period, which is Rs. 4500/-.
- Add this reimbursement amount to the initial gross salary:
- Rs. 15824/- (Initial Gross Salary) + Rs. 4500/- (Reimbursement) = Rs. 20324/- (Correct Gross Salary).
- Explanation to the Employee:
- Clearly explain to the employee the breakdown of the gross salary adjustment, detailing the deduction for the Notice Period and the subsequent reimbursement that led to the revised gross salary of Rs. 20324/-.
- Form 16 Correction:
- Update the Form 16 to reflect the correct gross salary of Rs. 20324/- for the employee.
- Ensure that the revised Form 16 is accurate and includes all necessary details for tax purposes.
By following these steps and providing a clear explanation to the employee, you can address the discrepancy in the gross salary amount and provide the correct information in the Form 16 as per the employee's request.
From India, Gurugram
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54- Calculate Correct Gross Salary:
- Start with the initial gross salary shown in Form 16, which is Rs. 15824/-.
- Deduct the reimbursement amount from the deducted Notice Period, which is Rs. 4500/-.
- Add this reimbursement amount to the initial gross salary:
- Rs. 15824/- (Initial Gross Salary) + Rs. 4500/- (Reimbursement) = Rs. 20324/- (Correct Gross Salary).
- Explanation to the Employee:
- Clearly explain to the employee the breakdown of the gross salary adjustment, detailing the deduction for the Notice Period and the subsequent reimbursement that led to the revised gross salary of Rs. 20324/-.
- Form 16 Correction:
- Update the Form 16 to reflect the correct gross salary of Rs. 20324/- for the employee.
- Ensure that the revised Form 16 is accurate and includes all necessary details for tax purposes.
By following these steps and providing a clear explanation to the employee, you can address the discrepancy in the gross salary amount and provide the correct information in the Form 16 as per the employee's request.
From India, Gurugram
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06b-Form VI-B (Notice of Commencement of Contract Work).pdf
Form 16.xls