Form 16

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2012 What is the use of Form 16. Some say that we can get the refund of income tax amount which we paid. is it so? pls give me the correct information about form 16.

Sanket Shah

Sanket Shah (Expert)
Follow

20 May 2012 Form 16 is documentary proof of salary earned and tax deducted by employer. it is the base document. for getting refund it is mandatory to file return with income tax department.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2012 How we can get refund of tax amount? Its the amount which we have to pay income tax department for our earnings rite? what is the purpose of paying the tax and getting refund of it? person who is having more than 200000 income should pay 10% of tax rite.

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2012 suppose if my income is Rs.4,00,000, upto Rs.2,00,000 no tax is applicable, for balance Rs.2,00,000 10% tax applicable. means tax amount which we are liable to pay is Rs.20,000. after deducting medi claim premium, educational tution fees, etc am liable to pay Rs. Rs.10,000. can i get the 10,000 refund from income tax department after paying the tax.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

21 May 2012 The refund arises only if the tax paid is more than was actually required to be paid.

In this case, since the tax paid is not in excess, no refund arises.

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2012 Thanks for your information.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

21 May 2012 You are welcome. You should use the thanks button to convey your thanks.

Message likes : 2 times