Know about Section 203. Certificate of Income Tax Salary Form 16
(1) Every person who has deducted tax in accordance with the aforesaid provisions of this chapter shall, within this period, from the time of payment of credit or payment, within the prescribed period, or as the case may be, from the time of issuance, pay a check to any shareholder for payment of any dividend. Or warrant, the person on whose account such credit has been given or to whom this payment has been made or the check or warrant has been issued, the certificate of duty specifying the amount of the tax deducted, and Description.
(2) Every person, as an employer, referred to sub-section (1a) of section 199, within this period, as prescribed, the person whose income has been taxed shall pay the tax to the Central Government. Form 16 A certificate of proof of this and specifies the amount to be paid, the rate at which the tax has been paid and other details as prescribed.
What's in Form 16?
(3) Form 16- Part A and Part B have two parts when the primary information of the employer and the employee such as name, address, PAN and TN details, tenure with the employer, a summary of deduction of TDS in Part A and in Part B details of Tax Deductions and Income- It has been found that there is any other income taxable income under the title of 'salary' in part B.
(4) Lastly, it will carry the total income figures (earned in the previous year) and apply to it. "Part A must be created and downloaded through the TRACES PORTAL. Part A of Form 16 also has a unique TDS Certificate Number. And Part B is prepared by the employer.
In addition to salary income, an employee can also have other income. Once you have received Form 16 but have not declared any other income to the employer (and therefore no TDS has been deducted), you can show it when submitting the income tax return, the last date of which currently stands July 31.
