TDS Form 16 Part B will be issued by the
persons responsible for deducting tax at source. When TDS is deducted it's
important to issue TDS certificate so that the payee knows how much tax he has
paid. Many institutions and individuals may not issue TDS certificates, unless
you ask for the same. Therefore, it's important that you ask for the TDS
certificate, so you know exactly how much tax has already been paid and
deposited with the government.
1) Download Automated Form 16 Part B forF.Y.2015-16 which can prepare at a time 50 employees Form 16 Part B
2) Download Automated Form 16 Part B For F.Y.2015-16 which can prepare at a time 100 employees Form 16 Part B
4) Download Automated Form 16 Part A&Bwhich can prepare at a time 50 employees Form 16 Part A&B for F.Y.2015-16
An example
Let's say you have a fixed deposit that gives
you an interest of Rs 11,000. Now, the bank would deduct Rs 1100 on this
amount, so your tax deducted at source would be Rs 1100. It's necessary for the
bank to issue a TDS certificate for Rs 1100. It informs you that tax has been
deducted from your fixed deposit and the same has been paid to the government.
Now, if your income is not more then Rs 2.5
lakh, you can get back the Rs 1100 deducted, when you file your income tax
returns.
Of course, nowadays it is possible to view how
much TDS has been deducted online. However, there maybe many individuals who
are not net savvy. For them getting a TDS certificate and calculating their own
tax liability would be better.
If you do not want TDS to be deducted and your
income is below the threshold limit of Rs 2 lakhs, you can submit form 15G or
15H, so the bank/companies would not deduct TDS.
The government has from this budget onwards
made it compulsory for deduction of TDS even on real estate transactions. This
means that if you sell a property in excess of Rs 50 lakhs you now have to pay
TDS.
