Advisory

Guest (Querist) 27 March 2014 This query is : Resolved
A is a retired person, who is providing advisory services to a company with the designation "ADVISOR". The company pays him a fixed amount every month but he is not on the roll of the Company.

At the end of the year, the company issues him Form 16 under Income Tax Act. The advisor contends that Form 16 is applicable for employees and not for advisors.

Is Advisor right? If so, which form should be issued to him by the Company in place of Form 16.

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Devajyoti Barman (Expert) 27 March 2014
Tax experts are better equipped to reply this query.

Guest (Expert) 27 March 2014
Depends upon the terms of agreement whether he has been taken as a contractual employee for service as an executive or a contractor for providing conultancy service.

Better check the terms and conditions of his employment.

Kuummaar AS (Expert) 28 March 2014
His designation is ADVISOR

HE IS NOT ON THE ROLL MEANS HIS ATTENDANCE IS NOT
MARKED
HE PROVIDES ADVISORY SERVICES

HE GETS FIXED AMOUNT PER MONTH

WHAT IS THE TERM FOR WHICH HE IS ENGAGED?

NORMALLY FORM 16A IS PROVIDED.