Can I get Form 16 if no tax deducted?

Procuring Form 16 is easy, if you’re an employee. The employer or the entity that deducts your Tax Deducted at Source (TDS) is legally bound to issue Form 16 by May 31. 2,50,000 for the Financial Year, are exempted from income tax. Hence, if no tax has been deducted, Form 16 will not be issued to them.

What if I dont have surety for TCS?

If there is any mismatch in the signature of surety, den surety should make an affidavit with specimen signatures on ` 100/- stamp paper from a Notary, mentioning that the signatures are of the same individual. 4. If u r not able to arrange surety, then u can opt for a fd of Rs 50000.

Is Form 16 mandatory for TCS?

These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers.

Who can be surety in TCS?

Who can be a surety? A Surety can be any individual who has filed his income tax returns with the income tax department and has paid income tax. Please refer form16/IT return acknowledgement to find out if the surety has paid any income tax. An individual who has not paid income tax is not eligible to be a surety.

Who can be witness in TCS non criminal affidavit?

This form has to be attested by a Gazetted Officer or the manager of a nationalized bank where the surety holds an account! You need attested photocopies of the surety’s latest income tax return and pan card. 3) Medical Certificate: This is a very easy job.

Who is liable to deduct TCS?

Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.

Is it mandatory to submit form 16 to employer?

In case you move to a new job, the new employer must provide a Form 16 as well. Each new employer must provide the Form 16. The main components of Part A are mentioned below: Employer’s name and address.

Can a surety be an employee of TCS if he has zero tax?

Yes. As an employee s/he can act a security whether or not s/he has zero tax deduction may be either due to less income and/or due to tax planning. Yes, Form 16 is just a proof that your surety is employed and earning. In TCS policy there is no minimum required limit of the surety’s amount of tax deducted.

What is the TCS form 16?

Yes, Form 16 is just a proof that your surety is employed and earning. In TCS policy there is no minimum required limit of the surety’s amount of tax deducted. TCS asks for surety so they can extract the damages from your surety in case you violate any of TCS terms, .

What is TDS certificate form 16/16A?

TDS certificate form 16/16A: Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers.

Who can be a surety for a tax return?

Surety can be any tax payer. You just need to submit the ITR/ Form 16 and PAN card of the person whom you are making your surety. Other than that any Grazetted officer or Bank manager can become your surety. Competent authority can be any Grazetted officer or bank manager.