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Form 16

UNKNOWN (PROPRIETOR) (78 Points)

31 August 2012

Am running a proprietorship company from april 2011 and am crediting salary of 25,000 every month on my wife name, now she want to apply for home loan, where they need FORM 16, so i went to CA and 2 days back and got FORM 16 for the assesment year 2012-2013. Now i need it for finicial year 2012-2013 but i did not deduct any tax from her salary start from april 2012 to till date, so where can i pay this tax ? where can i get form 16? ( i do not want to go to CA again) So can anyone suggest me it is possible by paying through website and download form 16 for finicial year 2012-2013? Pls guide me

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2 Replies

Shridhar Shah (Chartered Accountant in Practice) (172 Points)
Replied 01 September 2012

Better you go with a CA or Tax Consultant. So that you may save yourself from any future issues related to this.

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Ajay Singh (Senior Accountant) (97 Points)
Replied 01 September 2012

Dear Sir,

for downloading the Form 16 you have to deduct TDS and file qualterly TDS Return. You can deduct the TDS now. But you are paying Rs. 25000/- p.m (i.e. Rs. 300000 per year). Minimum Tax Slab Rate is Rs. 200000/-. Thus taxable income is Rs. 100000/-(add another income for example interest on saving bank account). If there is any saving under section 80C then taxable income will be lower. If taxable income is Rs. 100000/- then tax is Rs. 10300/- (tax + 3% cess).

First of all asses all taxable income and deduct the TDS (as i shown above). For 2nd quarter ending 30.09.2012 TDS return can be filed up to 15.10.2012. After filing the return you can download form 16 from TIN NSDL website.

For F.Y. 2012-13 you can give salary certificate wih form 16A for f.y. 2011-12 as far as home loan is concerned.

Thanks

Ajay Singh