What is Form 16?
The Lazy Income Tax Payers's Way to Income Tax Form 16|Form 16 is a record or testament, given according to Section 203 of the Income-TaxAct 1961, to salaried experts in India by their particular employers.
It contains details with respect to the salary paid by the employer to the employee in a financial year and the income tax that has been deducted from the salary of the person by the payer.
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The TDS, so deducted, by then an employer is kept with the Income Tax department and Form 16, thus, is the verification of the equivalent. Employers need to give Form 16 to their employees prior to fifteenth June of the financial year quickly following the financial year in which the income was paid and tax deducted.
Components
of Form 16?
Every employee who is under the tax the section is required for Form 16. On the other side that an employee doesn't require the salary certificate form 16, he/she won't have to have Tax Deducted at Source (TDS)
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Parts of Form 16
Form 16 is sub-isolated into the accompanying two parts which include:
• Form 16 Part An and
• Form 16 Part B
Form 16
Part A
Part A gives the outline of tax gathered by the employer from the salary income, for the employee's benefit, and stored in the public authority's record. It is a certificate properly endorsed by the employer that they have deducted the TDS from the employee's salary and stored it with the income tax department. Form 16 Part A mandatory to download from the TRACES Portal of the Income Tax department.
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It
contains the accompanying details:
• Personal information of the employer as well as the employee. Particulars, for example, the individual and employer's name, address details, Container details of both, and employer's TAN details.
• The Assessment Year (AY)
• The time-frame for which the individual was utilized with the employer in the concerned Financial Year
• Summary of the salary paid
• Date of tax allowance from the salary
• Date of tax store in the record of government
• Summary of tax deducted and saved quarterly with the Income Tax Department
• Acknowledgment Number of the TDS Installment
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Form 16
Part B
Part B is a united assertion covering details with respect to the salary paid, some other income as uncovered by the employee to his/her association, a measure of tax paid, and tax due assuming any. Form 16 Part B is an annexure to Form 16 Part A. It addresses the information alongside the exceptions and derivations relevant consequently. Employee details, for example, name and Container are referenced even in Part B.
It contains the accompanying information:
• Total Salary Got
• Exemptions Permitted U/s 10(5) 10(10) 10(10A) 10(10AA) 10(13A), measure of some other exclusion u/s 10.
• Standard derivation permitted under section 16 of the Income Tax Act.
• Income (or acceptable misfortune) from house property detailed by employee offered for TDS, Income under the head Different Sources offered for TDS.
• Deductions from Salary: Section 80 C/80 CCC/80 CCD/80D/80E/80G/80TTA and other relevant sections are given. The details for all these allowances require to be put together by the employee alongside the fundamental supporting records to the employer.
• Net Taxable Salary.
• Education Cess and overcharges assuming any.
• Rebate under Section 87, if appropriate.
• Relief under Section 89, assuming any
• Total the measure of tax payable on income.
• Tax deducted and the equilibrium tax due or discount appropriately.
The the linkage between Form 16 and Form 26AS?
Form 26AS will consolidate all the tax deducted from your salary or potentially non-salary income and store with the specialists concerned. Along these lines, tax allowances that are appeared in Form 16/Form 16 A can be cross-checked and confirmed utilizing Form 26AS. Preferably, the TDS sums reflected in Form 26AS and Form 16/16A ought to consistently coordinate. On the off chance that there are disparities, the Income Tax Department considers the TDS figures according to the Form 26AS as it were.
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