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

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