15 November 2012
PLEASE GIVE OPINION FOR THE FOLLOWING: WHO WILL ISSUE TDS CERTIFICATE "FORM 16" TO EMPLOYEE FOR FY-2012-13? A) IF GROSS INCOME FROM SALARY IS MORE THAN RS 1,80,000/- B)IF GROSS INCOME FROM SALARY IS MORE THAN RS.2,00,000/- C) IF NET TAXABLE INCOME FROM SALARY IS MORE THAN RS 2,00,000/-
15 November 2012
Basically form 16 is the TDS certificate will give the Income & tax deducted details. the requirement will arise when the employee coming under taxable limit and deducting tax then we need to issue form 16. following 2 cased you must issue the form 16
1. Net taxable salary is exceeding Rs. 2 lakh and tax liability arise
2. Net taxable below Rs. 2 lakh due to considering various deduction under chapter VI-A
Following category is option of employer to issue form 16 1.Gross salary is below Rs. 2 lakh
17 November 2012
But as per circular no 5/211 dated 16.08.2011, Form NO. 12BA shall be provided by the employer if the salary paid or payable is above Rs 1,80,000/- . This is yet not amendment. If the amount of salary is above Rs 180000/- , whether Form 12BA only be issued without Form 16?
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