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In this article, we discuss about Form 16, Form 16A and the difference between them.
CBDT has issued a circular on 11th January 2022 extending the timelines for certain direct tax compliances for AY 2021-22.
1. ITR filing due date extension:
i) ITR filing for taxpayers covered under tax audit is extended to 15th March 2022
ii) ITR filing for transfer pricing cases is extended to 15th March 2022
2. Furnishing audit report:
i) Due date to furnish the audit report as per the Income Tax Act is extended to 15th February 2022
ii) Due date to furnish the audit report for transfer pricing cases is extended to 15th February 2022
Form 16 is your salary TDS certificate.
This Form 16 is a certificate, where the employer is certifying details regarding the salary you have earned during the year and how much TDS has been deducted. It has two parts – Part A and Part B.
Form 16 is a certificate issued to salaried individuals from their employer when he deducts tax from the employee salary. In simple words, it is an acknowledgement which states your deducted tax has been deposited with the Income Tax department. It must be issued by 15th June of the year for which it is being issued. For example, for the F.Y. 2019-20, the due date for the issue of Form 16 shall be 15th June 2020. However, the due date stands extended to 15 August 2020.
Form 16A is also a TDS Certificate. While Form 16 is for only salary income, Form 16A is applicable for TDS on Income Other than Salary.
For example, a Form 16A shall be issued to you – when a bank deducts TDS on your interest income from fixed deposits, for TDS deducted on insurance commission, for TDS deducted on your rent receipts. In fact, when TDS is deducted on any other income you receive that is liable for such deduction.
This certificate also has details of the name and address of deductor/deductee, PAN/TAN details, challan details of TDS deposited. It also has details of income you have earned and the TDS deducted and deposited on such income. All details that are there in Form 16A are available on Form 26AS. This can be used to file your return.
However, the same is not in the case of Form 16. Details of Form 16 that are available in Form 26AS is only TDS deducted by the employer. Both the forms are important and are required to help you file your return smoothly. You can also verify the income details and how much TDS has been deducted and at what rates.
An employer deducting tax or TDS on the salary paid to an employee issues Form 16 to the employee.
The employer issues Form 16 on an annual basis, for one financial year.
A Form 16A is issued quarterly. The due date is 15th of the month following the due date for quarterly TDS return.
You can use the data of income and TDS in form 16 and form 16A to file your income tax return and calculate and pay your tax.