Hey Everyone, Employee is asking for form 16; but in our company we are not deducting TDS or IT. But he wanted it for loan procedure. Please suggest me
From India, Alibag
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From India, Alibag
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Hi, Employer is liable to deduct Income Tax or TDS provided their salary ceiling exceed beyond exemption limit. Have you checked with your Accounts team as to how they are managing this ?
From India, Madras
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1015From India, Madras
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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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