Form E 2021 top 10 questions

Form E 2021 top 10 questions
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Top 10 FAQ on Form E 2021

1. What is Form EA?

Form EA is a yearly statement of remuneration for the employees.

 

2. Who is employee?

The employee has included full time, part time, contract employees and interns.

 

3. Does the employee include the foreign employees?

Yes, companies need to prepare Form EA for foreign employees.

 

4. Does the company required to prepare Form EA for the owner of sole proprietors and partners of a partnership?

No, the owner of sole proprietors and partners of a partnership is considered the owner of the company.

 

5. Does the company required to prepare Form EA to the director of the company?

Yes, director is treated as one of the employees of the company.

 

6. Does the company required to prepare Form EA to the partners of Limited Liability Partnership (LLP)?

Yes, partner of LLP is treated as one of the employees of the company.

 

7. How to fill in the number of children qualified for tax relief?

The number of children qualifies for tax relief is according to the monthly PCB calculation.

 

8. An employee who got married on 24 June 2021, and his wife is working, which category does the employee belong to?

The employee is in to Category 3 (Married and husband or wife is working).

 

9. Which period does the Form EA indicate the income for?

It indicates the calendar year (01/01/2021-31/12/2021) income.

 

10. What type of income need to report under Form EA?

Paragraph 13 (1) (a) – Monetary Benefits

Example: Wages, salary, remuneration, bonus, leave pay, overtime pay, commission, fee, gratuity, tip, tax allowance, perquisites, reward or allowance (whether in money or otherwise).

 

Paragraph 13 (1) (b) – Benefits in kind (Benefits not convertible into money)

Example: Motor vehicle, leave passage, driver, gardener, household servant & etc.

 

Paragraph 13 (1) (c) – Living of Accommodation (VOLA)

Example: Living accommodation provided for the employee by his employer.

 

Paragraph 13 (1) (d) – Withdrawal from unapproved pension fund

Example: Amount received by the employee from an unapproved pension or provident fund, scheme or society (employer’s portion only) as would not have been so received if his employer had not made contributions in respect of the employee to the fund, scheme or society or its trustees.

 

Paragraph 13 (1) (e) – Compensation for loss of employment

Example: Amount received by the employee by way of compensation for loss of the employment, whether before or after his employment ceases.

 

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