Income Tax : Know everything about Form 16 & 16A of Tax Deducted at Source Let’s discuss the importance of one of India’s most crucial ...
Income Tax : As per the Income Tax Act 1961 A person making payment to other person upon a threshold limit need to deduct tax. In case of Emplo...
Income Tax : Section 203 of the Income-tax Act 1961 read with the Rule 31 of the Income-tax Rules 1962 requires the deductor to issue certific...
Income Tax : As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the...
Income Tax : It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source ...
Income Tax : NSDL has recently started a online facility by which deductee can verify the correctness of TDS Certificate (Form 16A) issued by t...
Income Tax : Download Automated Form-16A for the Financial Year 2011-2012 and Assessment Year 2012-2013 in excel format....
Income Tax : Income Tax Department has started processing of TDS returns for 2010-11 (u/s 200A) and earlier years (u/s 201). All 'defaults' inf...
Income Tax : Download Form 16A and form 16 (Salary Certificate as applicable for A.Y. 2011-12 F.Y. 2010-11) and onwards in Excel Format alongw...
Income Tax : Under the new scheme Form 16/16A shall not be issued manually. A deductor shall download Form No. 16/16 A from the online system. ...
Goods and Services Tax : Read about the Madras High Court's decision in Rangaswamy Jeevanantham vs Superintendent case, where GST liability and TDS on Sala...
Income Tax : Delhi High Court held that section 205 of the Income Tax Act puts a bar on direct demand against the assessee to the extent where ...
Income Tax : ITAT Raipur held that payment towards purchase of beer from the State Government is an exception to the applicability of section 4...
Corporate Law : Supreme Court held that as the State of Himachal Pradesh didn’t took any steps for realization of its dues, recourse to Himachal...
Corporate Law : Mere submission of emails & form 16A, do not, in any way, prove that there existed any relationship of employer employee between ...
Income Tax : Total income or loss shall be computed after making adjustment for addition of income appearing in Form 26AS or Form 16A or Form 1...
Income Tax : CIRCULAR NO. 4/2013-Income Tax The deductor, issuing the Part A of Form No. 16 by downloading it from the TRACES Portal, shall, b...
Income Tax : CBDT Circular No. 01/2012 All deductors (including government deductors who deposit TDS in the Central Government Account through...
Income Tax : Notification No. 9/2010-Income Tax All sums deducted in accordance with the provisions of sections 192 to 194, section 194A, secti...
Article contains Brief Steps for Downloading Form 16A, Important Information on Form 16A and Pictorial Guide for Downloading Form 16A and PDF Converter Utility V1.4 L. 1. Brief Steps for Downloading Form 16A Step 1: Login to TRACES website by entering the “User ID, Password ,TAN of the Deductor and the Verification Code”. Step 2: […]
There are situations where due to technical non compliance or due to procedural aspects credit TDS is denied to assesssee despite he is having Form 16A issued by deductor in support of his claim. However, CPC or even AO denies credit of such TDS and restricts claim to TDS as per Form 26AS only.
The Central Board of Direct Taxes (CBDT) has issued Circular No.3/2011 dated 13 May 2011 & vide CBDT CIRCULAR NO-01/2012 dated 9th April, 2012 dealing with the TDS certificate to be issued in Form 16A for taxes deducted at source from FY 2010-11 as per the provisions of the Income-tax Act, 1961 (the Act) other than Section 192. Vide the said circular, the CBDT has provided guidelines on the issue of the Form 16A and the manner of authentication of the same (i.e. digital or man
Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply with the provisions of the Act will attract penalty under the provisions of section 272A of the Act, a sum of one hundred rupees for every day during which the failure continues.
What is Form 16A and how is it different from Form 16? If you are not a salaried employee and work as a professional for an organisation and earn fees, then the certificate that shows TDS details deducted while making payments to you is Form 16A.
Clause (a) of the said sub-section provides that at the time of processing of return, the total income or loss shall be computed after making the adjustments specified in sub-clauses (i) to (vi) thereof.
Delay in filing of TDS statement shall entail levy of fee of Rs. 200/- for each of default not exceeding amount of tax deductible
Total income or loss shall be computed after making adjustment for addition of income appearing in Form 26AS or Form 16A or Form 16 (the three Forms) which has not been included in computing the total income in the return.
Though the due date for filing of your income tax returns is extended till 31st August 2015, I thought of writing about a few things which you as a tax payer should do before you actually sit down to prepare your income tax return yourself or visit your CA’s office. Even if you do not intend to file your return by 31st August, there are certain things which you should do before you the due date which is 31st July generally but is 31st August for this year.
For many applications on the TRACES website, deductor is required to provide KYC Validation. KYC Validation refers to three main details to be provided by the user to gain access to facilities such as downloading a justification report, filing an online correction in TRACES, download of Form 16A and so on.
