Hi,
My annual salary is 18 lakh, and I have completed 18 months in the current company. However, my employer is not deducting any TDS and not providing Form 16 to anyone. I cross-checked with an ex-colleague, and I believe this company is not registered. What should I do now?
I am planning to buy a home. Can I get a home loan from a bank without Form 16? How? I checked with multiple banks, but they are asking for Form 16.
From Singapore, Singapore
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My annual salary is 18 lakh, and I have completed 18 months in the current company. However, my employer is not deducting any TDS and not providing Form 16 to anyone. I cross-checked with an ex-colleague, and I believe this company is not registered. What should I do now?
I am planning to buy a home. Can I get a home loan from a bank without Form 16? How? I checked with multiple banks, but they are asking for Form 16.
From Singapore, Singapore
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Dear Jprs1989,
Any company, whether it is small or big, registered under ROC or with any other authority, or even not registered at all, has to follow IT law. When you receive any kind of payment falling within the IT bracket, the company is liable to deduct Tax at Source from your payment as per the applicable slabs.
You are drawing 18 lakhs per annum as a salary from your company, placing you certainly in the IT bracket. Therefore, your company is liable to deduct TDS from your salary, qualifying for Income Tax after due exemptions, and pay it to the IT department. Your company is in default under the IT Act, a serious matter that both your company and the IT department will take note of.
Since your income falls within the tax bracket, you are also responsible and liable to submit your income tax return. It is advised to consult with a Chartered Accountant and file your IT return by paying the due tax.
Before proceeding, you need to inform your company that your income falls within the income tax bracket and you are liable to file the IT return. Request the company to issue you Form 16 or a salary certificate. If not provided, your CA can assess your tax liability based on your bank passbook entries.
You can apply for a loan based on your IT return.
Kind regards,
[Your Name]
From India, Mumbai
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209Any company, whether it is small or big, registered under ROC or with any other authority, or even not registered at all, has to follow IT law. When you receive any kind of payment falling within the IT bracket, the company is liable to deduct Tax at Source from your payment as per the applicable slabs.
You are drawing 18 lakhs per annum as a salary from your company, placing you certainly in the IT bracket. Therefore, your company is liable to deduct TDS from your salary, qualifying for Income Tax after due exemptions, and pay it to the IT department. Your company is in default under the IT Act, a serious matter that both your company and the IT department will take note of.
Since your income falls within the tax bracket, you are also responsible and liable to submit your income tax return. It is advised to consult with a Chartered Accountant and file your IT return by paying the due tax.
Before proceeding, you need to inform your company that your income falls within the income tax bracket and you are liable to file the IT return. Request the company to issue you Form 16 or a salary certificate. If not provided, your CA can assess your tax liability based on your bank passbook entries.
You can apply for a loan based on your IT return.
Kind regards,
[Your Name]
From India, Mumbai
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Employer-PF-res trict to wages of Rs 6500.pdf