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Form 16 not required to be submitted
May, 04th 2007

Individual income tax assessees will no longer be required to furnish Form 16 -- a certificate of tax deducted at source -- as the new IT returns forms for these categories of tax payees are annex-less for 2007-08.

Only details given in Form 16 are to be written in the new forms, IT officials said here.

The new tax forms in ITR series, to be introduced from May 14, are annexure-less except for ITR-7, the form for charitable/religious trusts, political parties and other non- profit organisations.

The eight new forms are prescribed for the current assessment year, four of which are for individuals and Hindu Undivided Families.

The purpose of annexure-less forms is that they are amenable to be filed on electronic mode.

Ultimately, all categories of employees are supposed to be filing forms on electronic mode, though for the moment only corporates and the firms, whose turnover is above Rs 40 lakh a year, are required to do so, Finance Minister P Chidambaram had said while unveiling the new forms.

The new form, ITR1, for individuals who have only salary and interest income will replace Form 2F and does not require assessees to give cash flow statement, which is an account of one's income and expenditure during the year.

However, the assessees are required to provide information on their high value transactions. As such, cash flow statement is not fully withdrawn, but partly withdrawn, tax officials said.

In cash flow, the department was asking for even source of funds, which is not the case now, they said. 

 
 
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