Hi,
I want to know about the necessary conditions regarding issue a Form No. 16 whether the salary is below the standard deduction.
And if employee need this, then are we bound to issue the same or not???
Quick reply is needed on this.
thanks
3 Replies
sai swaroop munaga
(Asst.Manager - Accounts & Finance)
(194 Points)
Replied 20 August 2010
Form no 16 is the acknowledgement for the TDS deducted during the year. IF no TDS is deducted during the period then no form should be issued
Dheeraj
(Learner)
(1100 Points)
Replied 20 August 2010
AGREED WITH SAI
HOWEVER, IF THERE IS NO TDS, A CO, MAY ISSUE FORM 16 BUT THERE IS NO BOUNDATION TO ISSUE FORM 16
& IN PLACE OF FORM 16, CO. HAVE TO ISSUE CERTIFICATE SHOWING SALARY OF THE EMPLOYEE.,
Ashok J
(CA Final)
(880 Points)
Replied 20 August 2010
Rule 31 of IT rules says Form 16 to be issued if income is paid and tax is deducted. But i have practically seen employers issuing form 16 even though no TDS is deducted.
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