What is Form 16 / 16A?
It is the certificate of deduction of tax at source by any person in accordance with Chapter XVII-B of IT Act.
Form 16 is issued on deduction of tax by the employer on behalf of the employee under section 192 of IT Act, 1961.
Form 16A is issued if the deduction of tax is under any other provision of Chapter XVII-B of IT Act.
These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers u/s 203 of IT Act, 1961.
How are these forms generated?
These forms shall be generated by TDS CPC on processing the quarterly TDS / TCS statements filed by deductor. Deductor will have to raise a request for the same on TRACES. Deductor shall have the option to digitally sign the certificates.
What is the due date for the issue of these certificates?
|Sr. No.||Form||Periodicity||Due Date|
|1||16||Annual||By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted|
|2||16A||Quarterly||Within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A|