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What Is Form No 16 Part B

Under the Income Tax Act, 1961, a person who makes a payment to another person with a threshold must deduct taxes. In the event that the employer makes a payment to his employee during a salary period. The employer provides the details of the salary in Form 16, its total salary paid on Form 16A and credited to its account. It shows your name (taxpayer), address and PAN. You can also find additional information from your employer on your Form 16 when filing your annual income tax return, such as: If the employee misplaced their copy of the employer-issued Form 16, how do I track the copy of Form 16 for AY 2016-17? EMPLOYERS also do not have a copy ask your employer, they can make a duplicate copy of Form 16 or anyway you can check it from 26AS by logging into your income tax portal, you will get information about this year`s total receipt if you are eligible for TDS when you file your tax returns, it is easy to move between Form 16, Form 16A and Form 16B. You may also have heard that Form 16 consists of two parts: Part A and Part B. However, these two parts of Form 16 are different from Forms 16A and 16B. It is important to consider these differences when submitting your returns to avoid problems. With respect to the image below, here is some information for filing your tax return for the 2020-21 fiscal year (YY 2021-22). Form 16 contains the information you need to prepare and file your tax return. It shows the breakdown of salary income and the amount of the SDT deducted by the employer.

It consists of two components – Part A and Part B (explained in detail below). The employer must issue them each year no later than June 15 of the following year immediately after the fiscal year in which the tax is deducted. If you lose your Form 16, you can request a duplicate from your employer. The new amendments to Form 16 – Part B have been notified by the Income Tax Division. We have updated the following section in accordance with the changes that have applied to Form 16, Part B, since fiscal year 2018-19. Read here to learn more. ** If the employee has worked more than one employer in a year, each of the employees will issue Form 16 for a period during which the employee worked with the organization. Form 16 is also known as a salary certificate that the employer issues to their employee for the year, regardless of their income.

Form 16 is provided annually or partially depending on the situation. Form 16 includes all the details of the salary such as the basic cost allowance housing rent subsidies and other allowances that are part of the salary details of the benefits and the deduction of salary under Chapter VI A, such as medical donations of life insurance premium from the pension fund, etc. while Form 16 A is the sum of the salary/credit paid into his account and the taxes deducted from it. Form 16A is downloaded from Traces. The information on Form 16A is similar to the employee`s Form 26, which can be downloaded from the employee`s income tax account. Our software automatically takes all the relevant information from your Form 16 and creates your tax return. You don`t have to enter anything manually. Form 16B certifies that withholding tax has been deducted on income from the sale of real estate (immovable or part of it/land) with the exception of agricultural land.

The TDS was filed by the real estate buyer with the income tax department. Anyone responsible for paying a salary must deduct TDS before making the payment. The Income Tax Act states that any person who deducts TDS from a payment must provide a certificate with the details deducted and filed by TDS. A specific employer is required to provide a certificate in the form of Form 16. While this is one of the most important forms of income tax, don`t worry if you don`t have them. You can still file your tax return. Click here to learn more. Part A of Form 16 contains details on the TDS deducted and filed quarterly on the employer`s NAP and TAN and other information. An employer can generate and download this part of Form 16 via the TRACES portal ( Before issuing the certificate, the employer must certify its contents.

It is important to note that if you change jobs during a fiscal year, each employer will issue a separate Part A of Form 16 for the duration of the employment. Some of the components of Part A are: The TDS certificate in Form 16 is issued when TDS has been deducted. If the employer has not deducted an SST, they may not give you Form 16. Please see our guide to electronic filing without Form 16 Anyone who earns a commission to sell insurance products is also responsible for TDS through their employer, who must in turn issue Form 16A to the agent. Anyone who pays a monthly rent of Rs. 50,000 or more for a building/land are needed to deduct tax at source and pay tax on the central bank account. The tenant must then issue Form 16A to the owner of the property. This is a certificate of taxes that are deducted at source from the income from your salary and properly deposited with the public treasury. Employees receive a salary of less than Rs. 2.5 lakh in a fiscal year are exempt from income tax and do not receive a Form 16. CBDT issued a circular on June 25 and 21, extending certain appendices for AY 21-22(i). The deadline for filing the TDS return for the Q4 fiscal year 2020-21 is extended from June 30, 21 to July 15 and 21.

(ii) The deadline for the delivery of the TDS certificate to employees on Form 16 is extended from July 15, 21 to July 31 and 21. You can get your Form 16 from your employer. Even if you have left your job, your employer will provide you with Form 16. Unfortunately, this income tax form 16 cannot be downloaded anywhere. Form 16 is essentially a certificate issued by employers to their employees. It confirms that TDS was deducted and filed with government agencies on behalf of the employee. There is a detailed summary of the salary paid to the employee and the amount of the SDS that is deducted from it. A person may have income from sources other than their salary, such as the performance of fixed-term deposit investments, mutual funds, gold bonds and other capital gains. For many of these tax returns, income tax is levied at a rate set by the government from time to time. In this case, financial institutions are required to deduct the withholding tax and must issue you the TDS certificate called Form 16A. While the responsibility for deducting payroll tax and providing Form 16 rests with the employer, the responsibility for paying income tax and filing a tax return rests with you. If your total income from all sources exceeds the minimum tax threshold, you will have to pay taxes, regardless of whether your employer has deducted TDS or not.

Even if they don`t give you Form 16, you`ll have to file a tax return and pay the taxes owing. While employers and financial institutions need a TAN before they can deduct or collect the TDS, tenants and property buyers do not need a TAN. They can only provide their PAN details when filing the TDS with the government. According to the regulations of the Ministry of Finance of the Government of India, any dependant whose income falls within the taxable class is entitled to form 16.Si an employee`s income does not fall within the specified tax brackets, he does not have to deduct a withholding tax (TDS). Therefore, in these cases, the Company is not required to provide the Employee with Form 16. Nowadays, however, as a good work practice, many organizations issue this certificate to the employee because it contains a consolidated picture of the person`s income and has other additional uses. .

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