On Friday, June 25, the government extended the deadlines for various tax obligations. Taxpayers can make payments until October 31 with the additional amount of interest. The deadline for employers to provide a Withholding Tax Certificate (TDS) on Form 16 to employees has also been extended to July 31, starting July 15, 2021.
The withholding tax certificate in Form No.16, must be provided to the employee before June 15, 2021 under rule 31 of the rules, as extended until July 15, 2021 in accordance with the circular n ° 9 of 2021, maybe provided on or before July 31, 2021.
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TDS Certificate Form 16 / 16A:
Form 16 / 16A is the certificate of withholding tax at source and issued on withholding tax by the employer on behalf of employees. These certificates provide details of the TDS / TCS for various transactions between the deductor and the deductible. It is mandatory to issue these certificates to taxpayers.
The Income Tax Act 1961 contains provisions for withholding tax at source. A Deductor is a person responsible for withholding tax at source on specified types of payments he makes. The tax thus deducted must be deposited into the government account. The deductor must also report the tax deducted in a statement within the prescribed period.
It is mandatory to file an electronic TDS declaration for the following categories of Deductors:
* Government offices
* Persons required to have their accounts audited u / s 44AB of the Income Tax Act, 1961
* Deductors reporting more than 20 deduction records for any quarter of the fiscal year
Form 16 has two parts; Part A and Part B.
Form 16 A includes
name and address of the employer
PAN of employer
PAN of employee
Employer’s tax deduction account number (TAN)
Period of employment with current employer
Summary of taxes collected and filed quarterly, certified by the employer.
Part B (annex) of the certificate of Form 16 is issued by the employer. If an appraised person is employed by an employer during the year, Part “A” of the certificate on Form No. 16 issued for the quarter ending March 31 of the fiscal year must contain tax details. deducted and deposited for all quarters of the year. If an appraised person is employed by more than one employer during the year, each of the employers must issue part A of the certificate in form No. 16 regarding the period for which that appraised person was employed with each of the employers. . Part B (annex) of the certificate of Form 16 may be issued by each of the employers or by the last employer, at the choice of the person assessed. To update PAN details in the Income Tax Department database, make a “PAN Change Request” request through NSDL or UTITSL.
Form 16B includes
Allowances insofar as they are exempt under Article 10
Total amount of salary received from current employer
Deduction under section 16