Hi,
If any employees taxable income is below taxable thereshold limit then is employer need to issue form 16 ?
Please provide answer with supporting rule or section of IT act.
CA Bharanni Ashok
(Financial Analyst)
(28 Points)
Replied 21 November 2011
For employer, specific provision is given in sub-section 2 of section 203 of the I T Act
203. (1)Every person deducting tax in accordance with the foregoing provisions of this Chapter]shall, within such period as may be prescribed from the time of credit or payment of the sum, or, as the case may be, from the time of issue of a cheque or warrant for payment of any dividend to a shareholder, furnish to the person to whose account such credit is given or to whom such payment is made or the cheque or warrant is issued, a certificate to the effect that tax has been deducted, and specifying the amount so deducted, the rate at which the tax has been deducted and such other particulars as may be prescribed.
Therefore, form 16 need not be issued if the total income is below the thereshold limit.
Ujwalakash
(Officer)
(21 Points)
Replied 09 December 2011
Hi,
I am purchasing new flat. As documentation process, i need to have form 16 but since i am disabled we are tax exempted. Now what is other alternatives for it. As process they need form 16 which i dont have. Please reply soon.
Thanks and regards,
Ujwalakash Joshi
9773034983
ujwalakash1 @ hotmail.com
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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