13 February 2012
Greeting to all, Reg. issue of Form 12BA, as per I.T. Rule 26A(2)(b) if salary is more than 1.50Lacs this form should be issued separately but as per circular No. 05/2011 dtd:-16.08.2011, para no. 4.6.5,salary should be > 1.80Lac.
13 February 2012
Income tax rule 26 has been amended in 2002 Substituted by the IT (Twenty-fifth Amdt.) Rules, 2002, w.r.e.f. 1-6-2002. Prior to its substitution, clause (b) read as under :
“(b) in Form No. 12BA, if the amount of salary paid or payable to the employee is more than one lakh and fifty thousand rupees.”
but the present circular no.5/2011 has been issued 16.8.2011. it will override above rule with latest circular. so can be considered as Rs.1.80 lakhs only as limit
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