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Form 16

Ajay Kumar Jangid (accountant) (37 Points)

28 June 2011

An empolyee whose salary after deduction via chapter VIA was not liable to tds, so tax had not been deducted. He is asking for form 16, should we issue him form 16 ?

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25 Replies

Aparna Raja K.C (Student) (520 Points)
Replied 28 June 2011

:).. TDS is required to be deducted when payment is made ..i.e. when salary is paid.

that too on Basic salary.

Deduction under chapter VI wont be considered there.

Chapter VI comes into light while we are computing the net total income of an individual.

TDS must be deducted and Form 16 should be provided :)

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CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 28 June 2011

in my opinion form 16 should be issued only if tds is deducted

rectify me if i am wrong

PRAKASH C B (STUDENT) (89 Points)
Replied 28 June 2011

You are suppose to issue a form 16 even if you have not deducted TDS also.

valji (Accounts manager-MBA) (2150 Points)
Replied 28 June 2011

EVEN IF NOT ANY TDS DEDUCTED FORM 16 TO BE ISSUED

Viren (Chartered Accountant) (137 Points)
Replied 28 June 2011

When TDS is not deducted where is the question of TDS certificate?

TDS certificate is not required to issue in case where TDS not deducted.

Let me know if i am correct...

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Bhakti (CA) (267 Points)
Replied 28 June 2011

Form 16 has to be issued . The personnel may require it for various reasons like applying for loan etc.

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CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 28 June 2011

Originally posted by : Bhakti
	Form 16 has to be issued . The personnel may require it for various reasons like applying for loan etc.

AGREED.

Bhakti (CA) (267 Points)
Replied 28 June 2011

only through Form 16 employee shall come to know the total tax deducted and income on an ANNUAL basis..

Manish Manohar Lingayat (Account Head) (65 Points)
Replied 28 June 2011

Hello,

Please can u tell me which documents should be required fro ITR 1 (Salary Return) & please tell me in details how can we do the salary return

Thanks in Advance,

Regards,

Manish Lingayat.

Bhakti (CA) (267 Points)
Replied 28 June 2011

for ITR 1, only form 16 shall be sufficient. If the employee has worked with more than 1 employer then ensure that the form 16 contains salary details from both the employers.

For filing ITR with Income Tax dept.,nothing needs to be attached. Only ITR shall be submitted.

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Manish Manohar Lingayat (Account Head) (65 Points)
Replied 28 June 2011

Hello Bhakti madam,

Thanks for sharing valuable information with us. And one more things please u tell me Difference between Pvt. Ltd. co. & LLP (Limited Liability Partnership).which is the best option.

Regards,

Manish Lingayat

Bhakti (CA) (267 Points)
Replied 28 June 2011

The difference can not be identified in one line. LLP s are that of partership except the fact of having seperate legal entity. LLP is combination of Partnership and Private Limited Company incorporating benefits of both and eliminating disadvantages of both. It depends upon your purpose for forming. whether to form LLp or company.

shaishav soni (CA final) (348 Points)
Replied 28 June 2011

Manish,u must have form 16 of Assesse it contains details of salary including perquisites & Arrears ,it also provide u TAN no of deductor/Employer which u need to mention it with Address.despite the fact no TDS being done form 16 must be issued.Further u need not to attach form 16/other documents but u must ensure yourself that all information needed in return to be provided.