Is employer bound to issue Form 16 to every employees ?

Form 16 is the prescribed form for tax deducted at source from salary by an employer. There is confusion regarding the issue of TDS certificate in case where salary is not taxable. Tushar Singh of New Delhi asks  "in my last company my income was not taxable. Am i eligible for form 16 from my last company.Please tell me the way of getting a form 16 as i need it to apply for car … [Read more...]

No service tax on reinsurance commission-CBEC issues Circular !

Great relief to insurance companies indeed .The Central Board of Excise and Customs (CBEC) has issues circular to clarify that service tax cannot be levied on the reinsurance commission . The reason , as per circular is that an insurance company does not provide any service to a reinsurance company. Read the circular Circular No. … [Read more...]

Can A.O Ask For Accounts From Salaried Employees During Scrutiny ?

I am a salaried employee. I had received a notice for assessment last year in 2009. Then it was adjourned sine die. It was revived again in March, 2010, and in first hearing itself AO asked for statement of affairs including capital account and credit card statements for last 3 years. I am only wondering whether as a salaried employee I am supposed to maintain all these things? … [Read more...]

When Are You Liable to Pay Advance Tax?

I am 57 years old housewife and my total earnings from Bank FD's for FY 2009-2010 will be approx Rs 388600 and i will be making an investment of Rs 100000 under ELSS. Need to know, how do i pay income tax on my interest income. Should i pay this at the time of IT Return cycle or should i pay it as an advance tax. How should i proceed, if i am required to pay this tax as Advance … [Read more...]