15 Апр What Is Form 16 Part a and B
With respect to the image below, here is some information for filing your tax return for the 2020-21 fiscal year (YY 2021-22). Form 16B certifies that withholding tax has been deducted on income from the sale of real estate (immovable or part of it/land) with the exception of agricultural land. The TDS was filed by the real estate buyer with the income tax department. Form 16 contains the information you need to prepare and file your tax return. It shows the breakdown of salary income and the amount of the SDT deducted by the employer. It consists of two components — Part A and Part B (explained in detail below). The employer must issue them each year no later than June 15 of the following year immediately after the fiscal year in which the tax is deducted. If you lose your Form 16, you can request a duplicate from your employer. However, this does not apply to Form 16. The details of Form 16 available on Form 26AS are only deducted by the employer. Both forms are important and are necessary for you to submit your return smoothly. You can also check the details of the income and how much TDS was deducted and at what rates. Under the Income Tax Act, 1961, a person who makes a payment to another person with a threshold must deduct taxes.
In the event that the employer makes a payment to his employee during a salary period. The employer provides the details of the salary in Form 16, its total salary paid on Form 16A and credited to its account. While this is one of the most important forms of income tax, don`t worry if you don`t have them. You can still file your tax return. Click here to learn more. It shows your name (taxpayer), address and PAN. You can also find additional information from your employer on your Form 16 when you file your annual tax return, for example: This Form 16 is a certificate in which the employer certifies the details of the salary you earned during the year and the amount of the TDS deduction. It consists of two parts – Part A and Part B. Form 16 is also known as a salary certificate that the employer issues to their employee for the year, regardless of their income.
Form 16 is provided annually or partially depending on the situation. Form 16 contains all the details of the salary such as the basic salary Cost allowance home rent allowance and other allowances that are part of the salary details of the benefits and the deduction of salary under Chapter VI A such as Mediclaim donations from the life insurance fund of the pension fund, etc., while Form 16 A is the sum of the salary/credit paid on his account and the taxes deducted on it. Form 16A is downloaded from Traces. The information on Form 16A is similar to the employee`s Form 26, which can be downloaded from the employee`s income tax account. ** If the employee has worked more than one employer in a year, each of the employees will issue Form 16 for a period during which the employee worked with the organization. Form 16 is a certificate issued to employees by their employer when they deduct tax from the employee`s salary. Simply put, this is a confirmation that your deducted tax has been filed with the income tax department. It must be issued no later than 15 June of the year for which it is issued. For example, for F.Y.
2019-20, June 15, 2020 is the deadline for the issuance of Form 16. However, the expiry date will be extended to August 15, 2020. The new amendments to Form 16 – Part B have been notified by the Income Tax Division. We have updated the following section in accordance with the changes that have applied to Form 16, Part B, since fiscal year 2018-19. Read here to learn more. Part A of Form 16 contains details on the TDS deducted and filed quarterly on the employer`s NAP and TAN and other information. An employer can generate and download this part of Form 16 via the TRACES portal (www.tdscpc.gov.in/app/login.xhtml). Before issuing the certificate, the employer must certify its contents. It is important to note that if you change jobs during a fiscal year, each employer will issue a separate Part A of Form 16 for the duration of the employment.
Some of the components of Part A are: The TDS certificate in Form 16 is issued when TDS has been deducted. If the employer has not deducted an SST, they may not give you Form 16. Please refer to our guide to electronic filing without Form 16 If the employee has misplaced their copy of the employer-issued Form 16, how to trace the copy of Form 16 for YY 2016-17. EMPLOYERS also do not have a copy Our software automatically takes all the relevant information from your Form 16 and prepares your tax return. You don`t have to enter anything manually. Ask your employer if they can make a copy of Form 16, or anyway, you can check it from 26AS by logging into your income tax portal, you will get information about this year`s total receipt if you are eligible for TDS When you file your taxes, it is easy to obtain between Form 16, Form 16A and Form 16B. You may also have heard that Form 16 consists of two parts: Part A and Part B. However, these two parts of Form 16 are different from Forms 16A and 16B. It is important to consider these differences when submitting your returns to avoid problems. Anyone responsible for paying a salary must deduct TDS before making the payment. The Income Tax Act states that any person who deducts TDS from a payment must provide a certificate with the details deducted and filed by TDS.
A specific employer is required to provide a certificate in the form of Form 16. You can use the income and SST data on Forms 16 and 16A to file your tax return and calculate and pay your taxes. You can get your Form 16 from your employer. Even if you have left your job, your employer will provide you with Form 16. Unfortunately, this income tax form 16 cannot be downloaded anywhere. According to the regulations of the Ministry of Finance of the Government of India, any dependant whose income falls within the taxable class is entitled to form 16.Si an employee`s income does not fall within the specified tax brackets, he does not have to deduct a withholding tax (TDS). Therefore, in these cases, the Company is not required to provide the Employee with Form 16. CbdT issued a circular on June 25 and 21, extending certain annexes for AY 21-22(i).
The deadline for filing the TDS return for the Q4 fiscal year 2020-21 is extended from June 30, 21 to July 15 and 21. (ii) The deadline for the delivery of the TDS certificate to employees on Form 16 is extended from July 15, 21 to July 31 and 21. For example, you will receive a Form 16A – when a bank deducts TDS from your interest income from term deposits, for TDS deducted from the insurance commission, for TDS deducted from your lease receipts. In fact, if TDS is deducted from other income you receive, this is liable for that deduction. Anyone who earns a commission for the sale of insurance products is also liable for TDS by their employer, who in turn must issue Form 16A to the agent. Form 16A is also a TDS certificate. While Form 16 applies only to salary income, Form 16A for TDS applies to income other than salary. While employers and financial institutions need a TAN before they can deduct or collect the TDS, tenants and property buyers do not need a TAN. They can only provide their PAN details when filing the TDS with the government. How to generate Form 16A for payments other than salary This is a certificate of taxes that are deducted at source from your salary income and properly deposited in the treasury.
Employees receive a salary of less than Rs. 2.5 lakh in a fiscal year are exempt from income tax and do not receive Form 16. What is Form 16 – Basics, Part A and Part B of Form 16, FAQ If an employee works for more than one employer or changes jobs in a fiscal year, he or she will receive a separate Form 16 from each employer, provided that the employer`s salary is above the threshold of Rs. 2.5 lakh. While the responsibility for deducting payroll tax and providing Form 16 rests with the employer, the responsibility for paying income tax and filing a tax return rests with you. If your total income from all sources exceeds the minimum tax threshold, you will have to pay taxes, regardless of whether your employer has deducted TDS or not. Even if they don`t give you Form 16, you`ll have to file a tax return and pay the taxes owing. Related ArticlesHow to File Your Tax Returns Without an Email-16 Form Differences Between Form 16 and Form 16By Filing Multiple Forms 16 An employer who deducts taxes or SDS on the salary paid to an employee issues Form 16 to the employee.
Last updated: CBDT issued a circular on September 9, 21, extending deadlines for certain direct tax compliances for AY 2021-22. 1. Extension of itrs filing due date:i) Itrs filed by non-audited taxpayers will be filed from September 30, 21 to 31. December 21 extensionii) ITRs for tax audit cases will be extended until February 15,22(iii) ITRs` transfer pricing filings will be extended to February 28, 22(iv) Filing of a late or revised tax return for fiscal year 20-21 will be extended from December 31 and 21 to March 31, 222. . . . .