Hello!!
Good mrng. This is anj and iam working as software engineer in a company and here iam working as permanent employee but there was no salary deduction and getting take home 30,000 and annual gross salary was 372000, here they have not given me PF account number too. and no form 16 details.
daily iam going and asking my hr , but no action yet , i dont knw whether this was really needed and in future if i go to some other company they may treat me not a genuine employee right.
please give me some suggestions on this and how to apply for form 16 and tds etc.........
waiting for your response,
thnaks®ards,
ANJ
From India, Hyderabad
Good mrng. This is anj and iam working as software engineer in a company and here iam working as permanent employee but there was no salary deduction and getting take home 30,000 and annual gross salary was 372000, here they have not given me PF account number too. and no form 16 details.
daily iam going and asking my hr , but no action yet , i dont knw whether this was really needed and in future if i go to some other company they may treat me not a genuine employee right.
please give me some suggestions on this and how to apply for form 16 and tds etc.........
waiting for your response,
thnaks®ards,
ANJ
From India, Hyderabad
DEAR.....Form 16 is a mandatory requirement that every employer has to fulfill meaning thereby you have got right to ask employer to provide it else 1. You shall not be able to apply for loan any where and for any purpose. RegardsMANOJ GUPTA. 
RAIPUR - CHATTISGARH
From India, Gondia
4From India, Gondia
Dear Soofia,
Form 16 : Form 16 is issued under Rule 31(1)(a) of the Income Tax Rules issued by the Government of India under the Income Tax Act, 1961 provisions.
It is issued by an employer to an employee at the end of every financial year detailing therein salaries earned by him during that year, the savings done by him which are permissible deductions under Section 80C of the Act and the income tax deducted from him during the year and deposited in Government accounts.
A summary of details of such forms issued by every employer is sent to the Income Tax Department at the end of the year, detailing therein the employees name, his PAN, his emoluments, the tax deduction from him and deposited in Government accounts at the end of the financial year (before 30th June of succeeding year).
With the help of this return in summary form, the IT Department is able to know particulars of employees who worked under that employer. This information is correlated with the information published by the employees when they file their tax returns.
Significance : This is the only authenticated document to show your income/earnings to outside world. Like ; Banker, housing loan institutions, income tax department & etc..
This will be required while processing your Visa's. This is very important document for obtaining Income Tax Clearance Certificate (ITCC) from income tax
Department at the time of migration to other country. Form 16 is the only proof that you have paid income tax for your earnings.
Consequences : Its a crime if u fail to file the income tax return and tat person will be liable for punishment and also he/she will be liable to pay a penalty of Rs 5,000 and simple interest of 1.25 per cent per month on the tax that he/she have not paid if you fail to file your return of income by the end of the assessment year,
He/she will not be allowed to revise their delayed returns; even if they discover any errors later, they will not be allowed to carry forward losses for a set-off in future.
They could be prosecuted for failing to furnish your returns, and could become a candidate for scrutiny, or even a search-and-seizure exercise by the tax department.
Above all, don't forget to apply for a PAN (permanent account number) in the first year that you become liable to file returns. If you don't, you could end up paying Rs 10,000 as penalty.
From India, Mumbai
Form 16 : Form 16 is issued under Rule 31(1)(a) of the Income Tax Rules issued by the Government of India under the Income Tax Act, 1961 provisions.
It is issued by an employer to an employee at the end of every financial year detailing therein salaries earned by him during that year, the savings done by him which are permissible deductions under Section 80C of the Act and the income tax deducted from him during the year and deposited in Government accounts.
A summary of details of such forms issued by every employer is sent to the Income Tax Department at the end of the year, detailing therein the employees name, his PAN, his emoluments, the tax deduction from him and deposited in Government accounts at the end of the financial year (before 30th June of succeeding year).
With the help of this return in summary form, the IT Department is able to know particulars of employees who worked under that employer. This information is correlated with the information published by the employees when they file their tax returns.
Significance : This is the only authenticated document to show your income/earnings to outside world. Like ; Banker, housing loan institutions, income tax department & etc..
This will be required while processing your Visa's. This is very important document for obtaining Income Tax Clearance Certificate (ITCC) from income tax
Department at the time of migration to other country. Form 16 is the only proof that you have paid income tax for your earnings.
Consequences : Its a crime if u fail to file the income tax return and tat person will be liable for punishment and also he/she will be liable to pay a penalty of Rs 5,000 and simple interest of 1.25 per cent per month on the tax that he/she have not paid if you fail to file your return of income by the end of the assessment year,
He/she will not be allowed to revise their delayed returns; even if they discover any errors later, they will not be allowed to carry forward losses for a set-off in future.
They could be prosecuted for failing to furnish your returns, and could become a candidate for scrutiny, or even a search-and-seizure exercise by the tax department.
Above all, don't forget to apply for a PAN (permanent account number) in the first year that you become liable to file returns. If you don't, you could end up paying Rs 10,000 as penalty.
From India, Mumbai
Dear sofiya, are you working in india or netherlands? If you are in india, it’s too much important to you, or you are in netherlands this is also important for yourself. Thanks & regards
From India, Ranchi
From India, Ranchi
Form 16, you have got the answer already from a fellow participant in this forum
Regarding PF, above certain ceiling amount, PF is non-mandatory. As most of the private firms follow cost to company (CTC), whether you have PF or not is not going to make any impact on you, financially.
From a savings front, I would recommend you to open a PPF Account. You can approach any Scheduled Bank or Post Office is to so.
From India, Bangalore
Regarding PF, above certain ceiling amount, PF is non-mandatory. As most of the private firms follow cost to company (CTC), whether you have PF or not is not going to make any impact on you, financially.
From a savings front, I would recommend you to open a PPF Account. You can approach any Scheduled Bank or Post Office is to so.
From India, Bangalore
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