Employees with taxable salaries more than 150000/-

This query is : Resolved

CMA. Subhash Kumar Jha (Querist)
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01 May 2009 Sir,

We have some employees whose net taxable salary is more than 150000/-, but no TDS applied as their taxable salary in excess of 150000/- is exempted by virtue of Chapter VI A deductions.

Issuing Form 16 is not mandatory for them.

Now, what form or certificate should be issued to them ?

Subhash

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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01 May 2009 Issue of form 16 is not mandatory but optional. So you can issue form 16.

"Is not Mandatory" does not mean that you cannot issue form 16. It means that you are not compulsorily required to issue form 16 as per law, but if you issue the same there will no harm.

So issue form 16.