Form 16 tds certificate for salary employee

This query is : Open

CMA ANAND (Querist)
Follow

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/-

PLEASE COMMENTS AS EARLY AS POSSIBLE

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

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

CMA ANAND

CMA ANAND (Querist)
Follow

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?

Upgrade to CAclubindia Pro. Subscribe Now!