Who is responsible for preparing form number 16? Is it hr or finance? Regards rajesh
From India, Surat
5From India, Surat
Mr. Rajesh
You have triggered a multi barrel question not specific to what kind of statutory compliance Whether in case ESIC form 16 is an accidental report from employer and it differ from ACT to ACT. Any how when Finance dept Intervening i got you as "FORM No. 16 A" with respect to both HR and Finance departments it is TDS (tax deductable sources) for Yearly filing April to March levied upon employee salary sources covered under IT act containing taxable and non-taxable items being part of salary.
Most of the organizations Fin dept will look after this part since Exercise & Accounts/ Income Tax are their concern sections which is classified but a good HR should keep an eye to protect company as well as his employee staff not to fall in the hands of excess tax deductions. Read and learn more facts on taxable and non taxable benefits and more comprehensive with pay/wages.
Best of luck
kalyan
From India, Jaipur
You have triggered a multi barrel question not specific to what kind of statutory compliance Whether in case ESIC form 16 is an accidental report from employer and it differ from ACT to ACT. Any how when Finance dept Intervening i got you as "FORM No. 16 A" with respect to both HR and Finance departments it is TDS (tax deductable sources) for Yearly filing April to March levied upon employee salary sources covered under IT act containing taxable and non-taxable items being part of salary.
Most of the organizations Fin dept will look after this part since Exercise & Accounts/ Income Tax are their concern sections which is classified but a good HR should keep an eye to protect company as well as his employee staff not to fall in the hands of excess tax deductions. Read and learn more facts on taxable and non taxable benefits and more comprehensive with pay/wages.
Best of luck
kalyan
From India, Jaipur
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