The Last date to issue Form 16 is 31st July. Form 16, required to be furnished on or before 15th June 2021 may be furnished on or before 31st July 2021.
Form 16 is a certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. The certificate provides details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers.
Form 16 contains the information that you need to prepare and file your income tax return. Employers must issue it every year on or before 15 June of the next year, immediately after the financial year in which the tax is deducted. Basically, Form 16 is a salary TDS certificate.
The CBDT, through Notifications nos. 74/2021 & 75/2021 dated 25th June 2021 Circular no. 12/2021 dated 25th June 2021, has granted a further extension of 1 month to furnish the TDS certificate to the employee on or before 31st July 2021.
There are two parts of Form 16, Part A provides the details of the quarterly TDS deducted and deposited. Part B of Form 16 is an Annexure to Part A. Part B of Form 16 is being prepared by the employer for its employees and contains details of salary breakup, deductions, and exemptions given under the Income-tax Act, 1961.
Form 16A is TDS Certificate that is applicable for TDS on Income Other than Salary. It also has details of income earned and the TDS deducted and deposited on such income. All details that are there in Form 16A are available on Form 26AS. This can be used to file your return.
Form 16 is issued on an annual basis, while Form 16A is issued quarterly.
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