sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 Have you filed your income tax? Remember these deadline nears; know from TDS, TCS to challan, forms
 Notification No. 96/2018 -Central Board Of Indirect Taxes And Customs
 Here’s how you can check your ITR refund status online
 Your tax form will be filled by the taxman Income tax return (ITR) filing
  Section 24 and Section 56 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR)
  Companies (cost records and audit) Amendment Rules, 2018
 Income tax, TDS rules explained in 10 points EPF withdrawal
 CBIC extends due date for filing of FORM GSTR-7 for the months of Oct to Dec till Jan 31st 2019
  How much income tax salaried individuals can save for FY 2018-19?
 Here's how you can lighten your income tax burden
 5 easy ways to e-verify your ITR

Form 16 due date extended to 15 June
June, 13th 2017

The Ministry of Finance has extended the deadline for employers to issue Form 16 to employees from 31 May to 15 June

If you have not yet received your Form 16 or salary certificate from your employer till now, don’t get too worried. You can expect to get it by 15 June. The Ministry of Finance has extended the deadline for employers to issue Form 16 to employees from 31 May to 15 June of the assessment year 2017-18. The change has been brought in through a notification that has been issued by the Central Board of Direct Taxes (CBDT) on 2 June. You can read the notification here: http://www.incometaxindia.gov.in/communications/notification/notification42_2017.pdf

What is Form 16?

Income tax Form 16 is a certificate issued by the employer to every employee for each financial year, and it is essential to file income tax returns every year. It lists out various things like the total salary paid to you during the period, the total tax that the employer deducted at source (TDS) and the deductions that you have claimed during the year.

It is issued under section 203 of the Income-tax Act, 1961. It has two parts—A and B.

Part A of the form contains the employee’s personal details such as your name and address, employer’s name and address, Permanent Account Number (PAN) of both the parties, employer’s Tax Deduction Account Number (TAN), and assessment year, i.e., the year in which your tax liability is calculated for the income that you earned in the previous year. It also contains details of the period of employment with your current employer.

Apart from this, it has the summary of the periodic TDS on your income. This will include details on the amount of TDS deducted by your employer during the year, when it was cut, on what income and when it was deposited with the income tax department.

Part B has details of income earned during your employment with the employer. These are basic details such as gross salary, other income, house rent allowance and other allowances provided to you, if any.

It also has details of deductions under sections 80C, 80CCC and 80CCD (such as contributions towards Public Provident Fund, tax-saving mutual fund schemes, life insurance policies and pension). Apart from these, there are deductions under other sections as well. For example, under sections 80D (health insurance premium), 80E (interest on education loan), 80G (donations), and others.

Total deductions are aggregated under “Chapter IV-A” and reduced from gross income to arrive at the taxable income. Your tax liability is calculated on this amount. In the end, part B gives details of tax payable by the employee or refundable to her.

Penalty for delay in issuing Form 16

According to section 203 of the Act, if tax was deducted on the employee’s income, the employer has to compulsorily furnish Form 16. However, if there was no TDS on the income, then the employer can decline to issue the form of that employee.

The Act further stipulates that if the Form 16 is not issued by the stipulated deadline (15 June), under section 272A(2)(g) of the income tax Act, the employer is liable to pay a penalty of Rs100 per day of default till it issues the form.

 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions