hi,
In case the person invest in mutual fund and withdraw some amount after two year that means reverse the amount. is it taxable in individual return ? and how can this amount present in form 16 by employer.
2 Replies
SRINIVASA MURTHY
(Asst Manager (Finance))
(186 Points)
Replied 09 June 2010
In form 16 Employer give details of the payments made by him to the employee, tax deducted and deposited on behalf of the employee. this mutual fund withdrawal will not be reflected in Form 16, if employer considers the other income disclosed by the employee he will deduct the tax after taking into consideration of such income and he will shows only tax portion, as the tax deducted and paid on a particular date into govt a/c.
Section 2(42A): Under Section 2(42A) of the Act, a unit of a mutual fund is treated as short-term capital asset if the same is held for less than 12 months. The units held for more than twelve months are treated as long-term capital asset.
Recent Topics
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
Related Threads
CAclubindia
