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Form 16

Issuance of Form 16 to Employees

Any individual accountable for remunerating salary is mandatorily required to subtract tax at source on the sum outstanding and issue Form 16 to the workforces at the end of each fiscal year. At VYAPAR AADHAR, we can assist you to easily be able to take care of your TDS submission online through our platform. Subsequently, post chipping into our services, our group of TDS professionals will assist you to file all TDS returns, reimburse any overdue TDS deposit and issue Form 16 to your workforces. VYAPAR AADHAR has an understanding of working with large organizations and issuing salary TDS certificates in Form 16 to several thousands of employees.

TDS on Salary

TDS is evaluated at the income tax rates recommended for the fiscal year in which the compensation to employees is done. The person who is accountable for paying can upsurge or decline the amount to be subtracted established on any alterations in prior deficit or additional deduction.

The entire amount of TDS per month will be decided by the following elements:
Exemption bounds Leave encashment Informed allowances
House rent allowance Privileges Contribution by employees u/s 80G
Other subtractions Perks or Incentives Probable Salary

 

If an individual is working for more than one company during a fiscal year, the tax will be subtracted on the collective salary by one of the companies – as preferred by the employee by giving in to information in Form 12B. Thus if a worker has worked for more than one company in a fiscal year, he/she is needed to supply information in Form 12B to one and only of the employers. Post submission of Form 12B to an employer, it turns out to be the obligation of the employer to deduct TDS.

Deadline for Employers to File TDS Returns

TDS return essentially be filed with the Government every single quarter as mentioned below:

Quarter

Filing TDS Return Due Date

April – May – June

July 31st

July – August – September

October 31st

October – November – December

January 31st

January – February – March

May 31st

Annexure-II of TDS Return in May 31st

In the TDS return filed by businesses on May 31st, several specifics about the employee must be provided by the employer together with particulars of TDS subtracted and set down. Annexure-II of the TDS return has many data points and essentially needs to be prepared judiciously by the HR and Accountant of the business.

Form 16 Issuance to Employees

After the employer files the needed TDS returns, the Government would issue TDS certificates to the employer – which consecutively is provided to the employees. Form 16 offers facts about TDS from salary

  • Form 16B offers details of TDS under Section 194-IA,
  • Form 16C for TDS under Section 194-IB
  • Form 16A for TDS from other than salary
  • Form 27D for TCS

The form issuance due date of Form 16 is on or before June 15th of the fiscal year directly following the fiscal year in which the tax is subtracted. In the instance of Form 16A, a similar should be issued every quarter.

Form 16 Salary TDS Certificate

The new salary TDS certificate in Form 16 encompasses two fragments namely Part A and Part B

Part A

Part A comprises info of employer for instance name, address, PAN/TAN of the employer. Employer information like PAN, assessment year, period of employment, address of communication, a summary of TDS return filed, salary paid, amount of TDS and details of TDS deposit.

Part B

Part B contains specifics of salary paid, other incomes, amount deductible under Chapter VI-A, tax payable and relief under section 89. Part B also consists of a distinct verification. In verification, the deductor will verify that salary/tax details are comprehensive and right on the basis of account books and other existing records

In case a person is working for more than one employer, then for each of the following will issue Part A of Form 16. Part B can be issued by both or the last employer.

Form 16 with Digital Signature

Part A of Form 16 can be issued only by copying it from the TRACES Portal. Part B of Form 16 can be physically organized by the employer. Prior to issuing Part A and Part B of Form 16 to employees, the employer is needed to validate the exactness of contents.

Why Us ?
FAQ For Form 16

You can obtain your Form 16 from your employer. No matter if you have left your job, your employer will make available Form 16. Regrettably, this income tax form 16, cannot be downloaded from anywhere.

TDS certificate in Form 16 is delivered when TDS has been subtracted. In the instance, no TDS has been subtracted by the employer, he might not provide you a Form 16.

Any individual accountable for disbursing salaries is needed to subtract TDS beforehand to making payment. The Income Tax Act states that every individual who subtracts TDS from a payment, must supply a certificate with details of TDS deducted & deposited. An employer in particular is mandatorily required to furnish a certificate, in the format of Form 16.

While the obligation of subtracting tax on incomes and offering Form 16 is on the employer, the responsibility of paying income tax and filing an income tax return is on you. If your income from altogether causes is more than the minimum tax slab you are needed to pay tax, whether or not your employer deducted TDS. Even if he fails to issue you a Form 16, you should file an income tax return and pay off the taxes that are due.