Read more about Form No. 16 of 12BB

Friends, every employer knows that Tax Deducted at Source on Employee Salary and at the end of year the Employer has issued Form No. 16 to their employee. The For No. 16 was amended vide Income Tax Notification No. 41/2010 dated 31.05.2010.

In this connection to making of Form No. 16 is very difficult due to reference of 12BB because Form No. 12BB is not notified till today. Regarding this see more about Form No. 12BB

Gross Salary

1. Salary as per provision contained in Sec. 17(1) Rs.
2. Value of perquisites u/s 17(2) (as per For No. 12BB, where applicable..) Rs.
3. Profit in lieu of Salary under Section 17(3) (as per Form No. 12BB, wherever applicable) Rs.
   

The above reference regarding Form No. 16 of 12BB is also be made to Circular 8/2010, which is as under:

• U/S. 192 of the Income-Tax Act, 1961 - Deductions of tax at Source - Salaries - Income Tax deduction from salaries during the Financial year 2010-11.
• This means the circular 8/2010, shown the detail guidelines for compliance with TDS on salary is given for the Financial year 2010-11.
• Tax-payee almost see to paragraph of this circular i.e. 4,5,6 are cleared that ".. information related to nature and value of perquisite is to be provided by employer in Form No. 12BA..", hence the deductor may treat this as error in 12BB as 12BA.
  

Posted in: e-Return,Status of TDS/TCS Return,TDS Return