Income Tax : Form 130 is essential for claiming TDS credit on salary, pension, and interest income. The ruling mandates issuance through TRACES...
Income Tax : Form 130 becomes the new TDS certificate from April 2026 under the 2025 Act. The key takeaway is that the format changes, but the ...
Income Tax : Understand the purpose, structure, due dates, and download process for Form 16 and Form 16A TDS certificates. Learn key requiremen...
Income Tax : Explore the differences between Form 16 and Form 16A, their purposes, eligibility, and significance in income tax filing. Understa...
Income Tax : Understand TDS and TCS compliance deadlines. Learn about deposit dates, return filing schedules, and issuance of certificates to a...
Income Tax : H&R Block, the India’s largest individual tax services company, offers you the first of its kind Form 16 generation tool, which ...
Income Tax : This utility can be used for Government and Non Government Employees. Utility Automatically Prepares for 16, Form 12BA, Calculate...
Income Tax : Automatic Form 16 with 12BA for Financial Year 2012-13 & Assessment Year 2013-14 in Excel Format Download Automatic Form 16 Ut...
Income Tax : Automated Form 16 Preparation Software which can prepare at Form 16 of 50 Employees from the details of 24Q Annual Return Form. ...
Income Tax : This Excel utility is fully automated. Just put the data in Data input sheet and it will prepare the Form-16 automatically. User c...
Income Tax : The Tribunal held that TDS credit cannot be denied when Form 16 confirms deduction and deposit of tax. The AO was directed to gran...
Income Tax : The Tribunal ruled that penalties under Section 43 of BMA cannot be imposed for bona fide reporting mistakes when investments were...
Income Tax : ITAT Mumbai remands Deepak Kumar Chaturvedi's appeal, directing AO to verify exempt allowance disallowance due to Form 16 and 26AS...
Income Tax : Navigate complexities of personal income tax in India for FY 2023-2024. Learn about filing returns, responding to notices, and opt...
Income Tax : In Ajit Chandrashekar Dighe Vs DCIT (ITAT Mumbai), learn about the importance of substantiating Form 26AS or Form 16 for claiming ...
Income Tax : CBDT notifies new Rule 26D.Furnishing of declaration and evidence of claims by specified senior citizen under section 194P, Amende...
Income Tax : The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of s...
Income Tax : CBDT revises Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu o...
Income Tax : Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with...
Income Tax : CBDT notifies detailed format of Salary Certificate | Form No. 16 | Form No. 24Q vide [Notification No. 36/2019/ G.S.R. 304(E) dat...
CBDT has issued Notification No. 36/2019 dated 12th Apr’2019seeking tax deductors (i.e. employers) to submit detailed break-up while furnishing Form No. 16 & Form No. 24Q.
New Format of Form 16 (TDS Certificate) & Form 24Q (e_TDS Return) in line with Changed Income Tax Form ITR – 1 The CBDT has recently made changed in the Form 16 & Form 24Q vide notification Dated April 12, 2019 which will be effective from May 12, 2019. Looking at the due date for […]
CBDT vide Notification No. 36/2019/F.No. 370142/4/2019-TPL dated 12th April, 2019 has amended Form 16 and Form 24Q. The said notification will come into effect from 12th May, 2019. Recently the CBDT notified the new Income Tax Return Forms for AY 2019-20. The new ITR Forms requires that the salary income reported in ITR must be […]
CBDT notifies detailed format of Salary Certificate | Form No. 16 | Form No. 24Q vide [Notification No. 36/2019/ G.S.R. 304(E) dated 12/04/2019. (A) in Form No. 16,–(i) the Notes occurring after Part A shall be omitted;(ii) for Part B (Annexure), the following shall be substituted, namely:–
Taking into account the amount mentioned in Form 26AS it could not be said that the assessee had concealed amount or furnished inaccurate particulars of income. However, penalty was restricted to the tax sought to be evaded on the amount of commission income not disclosed by assessee.
Form 16 becomes quite a topic of discussion in all office campuses during the tax filing season. Though we know that Form 16 is for tax filing, many of us still find it hard to understand the components of Form 16 while filing the return. Understanding Form 16 is the key to better tax planning.
The employee has a right to obtain the TDS certificate in form 16 from his employer. The certificate details should be filled in return of income, since no credit for TDS can be given without it. In case your employer fails to issue the TDS certificate, he shall be liable to a penalty of Rs. 100/- for each day of default u/s 272A(2)g). The Only remedy in case your employer refuse to issue you tds certificate or he is not issuing TDS certificate is that you can complain to the concerned Assessing Officer in writing, who will take appropriate action or initiate penalty proceedings against the employer.
Form 16 or 16A are provided by employer to employee as a proof of tax deduction. At the end of the financial year, tax payers file their income tax returns (ITR) from the income tax details provided in form 16 or 16A. On the other side, as a part of e-governance, tax payer is provided 26AS annual statement showing his total TDS deducted during the year. This facility is available on income tax portal www.incometaxindia.gov.in.
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.
