Home     About Us    Contact Us     Contribute     Privacy
Mutual Funds
Related Articles
Related Definitions
Related Categories
Tip of the Day

Tip of the Day Use Your Frequent Flier Miles Often

Use Your Frequent Flier Miles Often - If you are not collecting frequent flyer miles, you need to ask yourself why not, as they are like receiving a small gift...

read entire tip

Related Podcasts
Recently Added
Other Great Sites

Form 16 Income Tax

Every year each citizen who earns money must pay taxes. There are many types of taxes on many different types of things (money earned, real estate or property owned, stocks, business, etc.). Form 16 is another part of paying taxes. There are actually two versions of Form 16 for Indian taxes.

Form 16 is in regard to salaried employees. If you make an hourly wage, this is not the form you should be filling out. If you make a salary (the same amount of money if you work 10 hours or 100 hours) than this is the form you should be filling out for your taxes. Your employer will provide you with Form 16 that will show the net income and the taxes deducted. If there are other things being taken out of your pay like Medical expenses, conveyance allowance, professional taxes or housing rent allowances, these will be shown on your Form 16 also. Your net income then is what you bring home after everything is deducted from your pay.

The second version of this is Form 16A. Like most countries where tax is applicable, tax forms can be complicated and what you pay tax on will vary. 16A is tax on other income like securities, lottery winnings, gambling winning, insurance payments, deposits, prize winnings, etc. These are all considered a form of salary even though they are often single time payments to you. Because they are considered a form of salary they fall under Form 16 but because they are often one time, they are given the subheading of 16A. You must pay taxes on this money, but it is money that is a little different from your normal salary.

All of income taxed is dependent upon your citizenship of India. If you are a citizen and work outside of the country you still have to pay tax, although in addition to the Form 16 income tax, there are other taxes you will need to pay, the most common type is still Form 16. If you are not a citizen but make money in India, you will not use the Form 16 but another form. It is dependent upon citizenship and the way you make money in the country. There is also a tax on tax, depending on how much is filed with a Form 16 so it is important if you do not understand how the tax laws work in India to find someone who is familiar with them to help you file.

Discuss It!
1 2 >






Rajendra said:

Form 16 signing made easy. check out www.form16signing.in

harish said:

as per my father said to me that form 16A given money back what we paid to according to income tax rule is that true.

Beverly Diamonds said:

Issues with income tax and the people have been something that existed from the age of the empires. Back then the methods adopted to make people where cruel and now it is a bit lenient. Thatâs the only difference.

binary options trading software said:

Excellent read, Positive site, where did u come up with the information on this posting?I have read a few of the articles on your website now, and I really like your style. Thanks a million and please keep up the effective work.

Magazine promo code said:

Mmm.. good to be here in your article or post, whatever, I think I should also work hard for my own website like I see some good and updated working in your site.

Safe Work Method Statement SA said:

Your blogs further more each else volume is so entertaining further serviceable It appoints me befall retreat encore. I will instantly grab your rss feed to stay informed of any updates.

bet365 offers said:

Regular stopovers listed here are the easiest rule to cherish your potency, which is reason reason I am going to the website ordinary, searching for fresh, remarkable information. Numerous, acknowledge you

jkk said:

<a title="Merchant Accounts" href="http://www.freemerchantaccounts.com">Merchant Accounts</a> Fascinating also dazzling how your dispatch is! It Is Convenient also beneficial for me That I want it truly many, besides I am looking encourage to Sense from your adjoining..

Merchant Accounts said:

Fascinating also dazzling how your dispatch is! It Is Convenient also beneficial for me That I want it truly many, besides I am looking encourage to Sense from your adjoining..

Cheap e liquid said:

Hi! This notify couldn't be written some advance! Lesson this enter prompts me of my previous bedroom join! He always kept chatting about this. I pleasure front this usher to him. Fairly indisputable he volition own a propitious understand.

Rd - Correct Error Code 39 said:

I think this is something I'm going to have to work out in the coming months, hopefully I get things write.

Advertising said:

Hi Guyzz Today I am here to share my story with DigitalAdsPay :) I joined DigitalAdsPay On 27 March And Told my team mates to come join me They All did too... Because they also got to know that this is real business opportunity. They also started building there team. I was quite more appreciated with the efforts that DigitalAdsPay owners were doing I was very excited at the day of launch it was on 17th of April I started with 250+ packs And The first earnings that came was Awesome.... I was earning every 1 Hours And The Earnings was coming steady... Some Minor issues came But Chris And Jason Was solving it in minutes !!! I personally appreciate that... Now am going to share the best thing of this post that Right Now I am receiving earnings better than launch Can you imagine It ?? Not Joined Yet.... For what are you waiting For... Build Your account !! Start Earning With us You can easily earn Residual Income !!! DigitalAdsPay is the Best & Amazing Online opportunity to Earn Online Without Wasting time... :)

re max emlak said:

Many thanks for the exciting blog posting! Simply put your blog post to my favorite blog list and will look forward for additional updates. Simply wanted to write down a word in order to say thanks to you for those wonderful tips.

Sat?l?k müzik seti said:

Always so interesting to visit your site.What a great info, thank you for sharing. this will help me so much in my learning

business news said:

This blog is really great. The information here will surely be of some help to me. Thanks!.

Schlüsselnotdienst Berlin said:

I starting late kept running over your online diary and have been examining along.

best inflatable bed said:

I believe there's no doubt that extra people today have got to analysis that, great details!......

Most Popular Articles
Most Popular Definitions
Daily Definition

Definition of the Day Economic Moat

Economic Moat ?- An economic moat is the advantage one business has over others in its field. It is a competitive edge that this one company will have over its competition. It may be the result of its name or some other aspect of their business that gives them the...

read entire definition




Home     About Us    Contact Us     Contribute     Sitemap


Copyright © 2009 TeenAnalyst.com