Dear Sir/Madam, Is Form 16 mandatory for nontaxable income?
From India, Guntur
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From India, Guntur
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Not mandatory but desirable. As you know, IT Returns and/or IT clearances for at least the last 3 years are being insisted upon for any purpose such as bank loans, passports, school/college admissions, claiming reservations in CET/NEET, etc. If Form-16 is not issued by your employer from year to year, it may not be easy to issue it later when needed. It is advisable to issue Form-16 for both employees and employers regardless of whether or not they fall into a taxable bracket.
From India, Bangalore
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1159From India, Bangalore
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Income tax and form 16.xls