Income Tax Revised Form 16 for the F.Y.2020-21 as per the new and old tax regime U/s 115 BAC.
What does Form-16 (Salary Certificate) say, what is the due date for getting Form-16 from the employer, Is it compulsory to file an income return even after leaving TDS on salary? The employer, in relation to Form 16 of some FAQ, has the date of filing the ITR for the individual salaried person.
About Form-16;
India has a population of more than 125 cores and most of the population's salaried persons receive a large amount of taxes from government salaried persons. The reason is to make an employer responsible for tax deduction at source. This means that taxes have to be deducted while paying salaries. TDS is levied on salaries because it will be difficult for the government. Looking for someone who is paid and can't file an ITR. Form-16 Part A certificate under section 203 of the Income-tax Act, 1961 for deduction of tax from the source of salary.
This certificate is provided to the employee by the employer. 2. Form-16 Part B Issue Deadline According to the Income-tax Act, the last date for filing a TDS return for an employer is May 31 and if the date is not extended by the government, Form-16 must be issued by June 15th. Due to Covid-19, the last date for issuance of Form-16 has been extended to 15 August 2020. Upon receiving Form-16
3. Form-16 Part A includes Form-16 Part B, which details the deduction of tax from separate sources of income and the amount deposited in the account of the Central Government. It has two sections - Part A and Part B. It contains the details of the tax paid by the employer, i.e. the details of the invoice. Government cutters are allowed to pay through book coordination. If there is payment through book adjustment more than the book identification number (BIN), it should be mentioned in Form-16.
Part-B contains details of salary income and deductions claimed to reach taxable income in accordance with the Income Tax Act and the tax payable tax.
4. Is it mandatory to file an income return even after deducting TDS? There are many clients who ask me a question that received the Form-16 after-tax exemption. Does this mean taxes have been deducted from salaries and we do not need to file income returns?
I often laugh and say this is the biggest mistake that salaried people make. The employer calculates the taxable income based on the information in his possession. There may be investments, housing loans may be repaid, grants may be paid, tuition fees may be paid, the property may be sold, etc., on which tax urgency still needs to be calculated. You should always file ITR.
Furthermore, if the owner defaults to deduct TDS, it is your responsibility. You should always declare the correct income and pay taxes. Each cutter must provide Form-16 to the cutters within the required timeframe.
The cut is reflected in the TDS Form-26 AS and can file individual ITRs using these details. Form 16 is the most important document. Compared to Form-16, many people quote incorrect statistics in the ITR, claim a wrong refund and invite income tax notices into their lives. Thus, it is necessary that a return should be submitted after analyzing all the aspects on the basis of the document.
