What is the difference between 26AS and Form 16?
What is the difference between 26AS and Form 16?
Form 16 is issued on yearly basis for tax deduction in income from salary and Form 16A is issued on quarterly basis for tax deduction on incomes other than salary. Form 26AS is basically a form which indicates that the tax that has been deducted has also been deposited with the Govt.
What is the difference between Form 16 and Form 16A?
Form 16 is a TDS certificate issued by the employer to the employee stating the tax deducted at source along with the salary income. Form 16A is a TDS certificate that reflects the tax deducted at the source on the non-salary income.
What is the use of TDS certificate?
Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee.
How can I match Form 16 and Form 26AS?
The Form 26AS contains details of tax deducted on behalf of the taxpayer (you) by deductors (employer, bank etc.). So, TDS deductions that are given in Form 16 / Form 16 A can be cross checked using Form 26AS. The TDS amounts reflected in Form 26AS and Form 16/16A should always be the same.
Who is eligible for form 16a?
Any salaried person whose tax has been deducted by the employer at the source is eligible to get Form 16. Irrespective of the fact whether your income falls under the tax exemption limit or not, the employer must issue a Form 16 if they have deducted tax at source.
Which ITR is applicable for form 16a?
In your case you since your emplyer has issued form no. 16 A, it means that he has this payment other than salary in his books. Hence in your case ITR-4 is applicable for filing the return.
Who is eligible for TDS certificate?
TDS certificates have to be issued by a person deducting TDS to the assessee from whose income TDS was deducted while making payment. For instance, banks issue Form 16A to the depositor when TDS is deducted on interest from fixed deposits. Form 16 is issued by the employer to the employee.
Why do companies ask for form 26AS?
Form-26AS gives you all the details of Tax credits. It is a form which indicates that the tax that has been deducted has also been deposited with the Govt. The Form 26AS contains details of tax deducted on behalf of the taxpayer (you) by deductors (employer, bank etc.).
Which ITR is applicable for Form 16A?
Is Form 16 mandatory for all employees?
It is mandatory for every employer who has deducted any tax at source to issue Form 16 to you. Employers can issue Form 16 in print or soft copy downloaded from their account on the TRACES website.
Can I get Form 16 if TDS is not deducted?
The employer or the entity that deducts your tax Deducted at Source (TDS) is legally bound to issue Form 16 by May 31. Employees with an income less than Rs. 2.5 lakh for the financial year are exempted from paying the income tax. Hence, if no tax has been deducted, Form 16 will not be issued to them.
Is TDS certificate necessary?
Any person who is required to deduct tax at source and has deducted TDS must issue a TDS certificate. TDS certificate helps the assessee to claim the applicable tax credit, along with the applicable refunds.