ITR Filing Form 16 Deadline Extended: Check Details

The Government of India on June 25 declared the extension of the deadline for a number of the income tax compliances.

The taxpayer can make payment till October 31; however, they have to pay the interest along with the tax. The last date for employers to furnish the TDS certificate in the Form 16 to the employees has been extended from July 15, 2021, to July 31, 2021. Form 16/16 A is the certificate of tax deducted at source and it is mandatory for employees to issue these certificates to taxpayers. And the amount of tax has to be deposited in a government account.

However, in certain cases, It is compulsory to file TDS statements electronically for the following category of deductors:

Offices of the Government
Persons are required to get their accounts audited as per section 44 AB of the Income Tax Act 1961
Companies
Deductors that have reported greater than 20 deductee records for a quarter in the financial year.

Form 16 Has Two Components and They Are Part A and Part B.

The Form 16 A includes

Name and address of the employer
Permanent Account Number (PAN) card of employee
PAN of the employer
The Tax Deduction Account Number (TAN) of the employer
The Period of employment with the current employer
Summary of the tax that is deducted & deposited quarterly, which is certified by the employer.

Part B(Annexure) of the certificate contained in Form Number 16 will be issued by the employer. It can be bifurcated into 2 categories.

If the assessee is employed/working under only one employer during the year. It contains the details of the tax deducted and also deposited for all four quarters of the financial year.
However, if the assessee is employed/working under more than one employer in a single year, both the employers need to issue Part A of the certificate that is contained in Form 16. Part B (Annexure) of the certificate contained in Form 16 might be issued by both the employers or by the last employer which is dependent on the choice of the assessee. However, to update PAN details in the database of the income tax department, one needs to opt for ‘PAN change request’ through NSDL or UTITSL

Form 16B Includes

Gross salary
Allowances to the extent exempt under Section 10
The total amount of salary received from the current employer
Deduction under Section 16

Comments

Check Summary of 2023 MCA Amnesty Scheme for LLP e-Forms

The discussion shall take place for "Latest Amnesty Scheme introduced by MCA in relation to Limited Liability Partnership". A General Circular No 08/2023 Dated: 23rd August 2023- Subject- Condonation of Delay in filing of Form-3, Form 4, Form 11 u/s 68 of LLP Act, 2008 is been issued by the MCA. MCA has acknowledged that they've received numerous complaints regarding technical glitches on their website and discrepancies in the master data. These issues have prevented Limited Liability Partnerships (LLPs) from submitting the LLP-3, LLP-4, and LLP-11. In order to facilitate a more business-friendly environment, the MCA is utilizing its authority under Section 67 of the LLP Act, 2008. They have decided to grant a one-time relaxation in additional fees and any related penalties for delayed filing of the aforementioned three forms, as elaborated in this article. However, one aspect of this initiative raises some confusion. Why hasn't the MCA included Form LLP 8 in this a

All Special Features of Gen I-T Software with Downloading Steps

Gen IT is one of the income tax software created by professionals from SAG Infotech Pvt. Ltd. This software helps to compute Income Tax, Interest Calculations, Advance and Self Assessment Tax. The software is created with high quality-perfection to prepare returns. It also provides e-filing to upload returns with the help of the software. This software is proficient in calculating Income Tax, Advance, Interest Calculations, and Self Assessment Tax. The quality of the software is very high as the returns are prepared by it. The software provides the facility to file and upload returns. Also, there are simple steps to download the free download Gen IT software for the trial version. To complete the processes, the Gen Income Tax returns filing software has 2 different sections which include - Client Manager, Income Tax, Billing, AIR, Calculator, Backup/Restore, Password and Printer Settings, Bulk SMS/E-Mail and Help. These operations are explained briefly below- 1. Client Mana

All About Advance Tax Payment Rule Under IT Act, 1961

A tax expert answers the question- ‘the requirements of advance tax provisions under the Income-tax Act 1961’. Advance tax, as the name itself indicates that the tax paid by individuals in the financial year when the corresponding income is earned, rather than in the assessment year when the income is assessed for taxation purposes. This payment is calculated based on the consolidated income earned and expected to be earned from various sources, such as salary, rent, interest, and more. It takes into account applicable deductions, exemptions, and credits for taxes deducted at source (TDS) or taxes collected at source (TCS). According to section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability for the year amounts to Rs. 10,000 or more are required to pay advance tax. However, senior citizens aged 60 years or above who are residents and do not earn any income from business or profession are exempt from paying advance tax. Typically, advance tax payments are ma

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog