Answer to your question is Form 16 is given only for the salary and the Form 16AA is given for other than salary. So both forms are not used for salary.
CA Siva Kishore M. COM, F. Both are for Salaries. But the difference is Form 16 is Certificate under section of the Income tax act for tax deducted at source from Income chargeable under the head Salaries to be given by the employer to employee see Rule 31 1 a. If all these conditions are fulfilled , 16AA applies. Though newly amended Rule with the introduction of New ITR forms does not contain the similar wording as contained in the earlier Rule, but the Rule 31 1 a prescribes the form for certificate of TDS.
For the disposition of Form 16AA, please refer "Scheme for filing of returns by salaried employees through employer,". However, with the introduction New ITR series , I am not clear how this form will be useful for an employee for filing return as newly amended Rule doesn't contain the similar wording. Om Prakash Shrimali Accountant 08 July Vikas Manager Accounts 21 June Your are not logged in.
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Threat of insolvency suits can nudge discoms to adopt better financial Form 16 helps a salaried employee to file an income tax return ITR , especially when the employee does not have income from any other sources. How do I get Form 16? Can I get Form 16 online?
A detailed break-up of the allowances and perquisites received by the employee along with the Standard Deduction needs to be shown in Form What is Form 16A for salaried employees? Form 16A components: Part A of Form 16 gives the summary of tax collected on behalf of the employee from the salary income and deposited in the government account.
TAN is the number assigned to an account responsible for the deduction and collection of tax. Assessment Year or AY: This refers to the year in which the income is getting assessed, which means it is the year in which the taxpayer needs to work on the tax return processes. For instance, in the case of income earned between 1 April and 31 March , the Assessment Year will be Summary of the salary paid to the employee The date on which the tax was deducted from the salary The date on which tax deposit in the account of the government is made Summary of tax deducted and deposited quarterly with the Income Tax Department Acknowledgement Number of the TDS Payment What is Form 16B?
Form 16B components: Form 16 Part B is a consolidated statement covering details regarding any other income as disclosed by the employee to the organization, salary paid, amount of tax paid, and tax due, if any.
Following are the components of Form 16B: Salary Received: This part shows the total salary structure of an employee. Hostel expenditure, medical, etc. Deductions From Salary: The maximum limit under this is Rs 1. Deductions under other sections, such as Section 80D and Section 80E are also included.
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