With the Assets Tax filing division in abounding swing, a lot of salaried tax payers, abnormally the new tax payers, accept lot of questions about interpreting Anatomy 16, its uses and how it can be referred during alertness of Assets Tax Return.
Here is the account of 15 questions & answers that will advice you accept Anatomy 16 and its appulse on tax filing.
1. What is Anatomy 16 and how it is altered from Bacon Certificate?
Form 16 is a affidavit which is issued by the administration to their employees. It is a Tax Answer at Source (TDS) affidavit which shows the bacon capacity and the tax answer with assorted components.
The employer will accommodate Anatomy 16 or TDS affidavit if your bacon paid is added than the best absolution limit. For example, if the best absolution absolute for tax on bacon is Rs 250,000, while the bacon paid is Rs 200,000, the employer will affair a bacon certificate. If the bacon paid is Rs 300,000, the employer will affair Anatomy 16 (TDS certificate).
2. Should I account Anatomy 16 and Bacon affidavit both?
If you accept accustomed Anatomy 16, you do not crave a Bacon certificate. You will accept Anatomy 16 alone back your employer deducts TDS on your Salary.
3. What is the acceptation of Anatomy 16?
Form 16 contains assorted advice such as tax calculation, the bulk acceptable for tax deductions, TAN, PAN of the Deductor etc. It additionally provides capacity of Tax Deducted at Source (TDS) by your Employer.
4. What is PART A in Anatomy 16?
Part A of Anatomy 16 contains agent and employer details. It provides advice such as TAN, PAN of employer, capacity of the bulk paid/credited and the Tax Deducted at Source by the employer.
5. What is PART B in Anatomy 16?
Part B of anatomy 16 contains bacon details, advice about assets from assorted sources that collectively anatomy your gross absolute income, assorted tax benefits, absolute income, tax on it, etc.
6. Is Anatomy 16 the alone affidavit that I charge for e-filing? Is it a complete document?
No, Anatomy 16 is not the alone affidavit that is bare for filing your assets Tax Returns. It is a anatomy of assets affidavit and it is referred for accretion the absolute Salary.
For accretion added assets and deductions, accredit to added accompanying abstracts such as coffer statements, absorption certificates etc. Anatomy 16 can serve as a complete affidavit alone if you are abiding that you accept appear all added assets from assorted sources and investments to your Employer afterwards ambuscade any added details.
7. I accept invested Rs 10,000 in Tax Saving FDRs. But, I forgot to acknowledge it to my employer. Hence, my Anatomy 16 is not assuming it. What should I do?
You do not charge to anguish if you accept not declared about your advance to your employer. You can affirmation the bulk invested in tax-saving FDRs beneath area 80C by declaring the capacity in the accordant cavalcade in ITR while filing your Assets Tax Return.
8. I invested Rs 80,000 on LIC exceptional and paid Rs 30,000 as my child’s charge fees. I declared it to my employer but I was accustomed the tax acclaim of Rs 80,000 for LIC exceptional only. Am I not advised to get answer Rs 30,000 for charge fees?
Yes, you can get abounding answer of Rs. 110000 for LIC exceptional and charge fees paid beneath area 80 C. If your Employer has not accustomed you the tax account of charge fees, you can still affirmation both the deductions while filing your Assets Tax Return.
9. I formed for two administration and appropriately I accept two Anatomy 16 documents. Do I charge to book a abstracted acceptance for anniversary Anatomy 16?
No, you crave filing alone one Assets Tax Acceptance irrespective of how abounding Anatomy 16s you receive. The Assets Tax Acceptance Anatomy provides an advantage for advertisement the bacon from assorted administration while filing the Assets Tax Return. You can additionally affirmation the deductions for which you are entitled.
10. My employer has not provided Anatomy 16, how will I book my return?
If your employer has not provided you Anatomy 16, there is annihilation to anguish about. You can still file your acceptance in the afterward ways: Collect your bacon block or pay block to compute your absolute salary. View your Anatomy 26AS or tax acclaim account to bout the TDS calculation. Gather all the requisite abstracts accompanying to your investments and affirmation your deductions accordingly.
Please agenda that for Provident Fund, you can affirmation alone the bulk contributed by you but not by your employer.
Collect the hire receipts from your freeholder to get the answer for Abode Hire Allowance (HRA). If you accept assets from added sources such as absorption from anchored deposit, abode property, etc., do not balloon to accommodate the capacity in your Assets Tax Return.
Mention tax bulk and the bulk of TDS as apparent in Anatomy 26AS in your ITR. Logon to Assets Tax Website or E-Filing Private Websites to adapt your ITR with the aloft capacity and e-file your Assets Tax Return. ils and e-file your Assets Tax Return.
11. During the banking year 2015-2016, I paid Rs. 15000 per ages as hire to the landlord. But, the freeholder neither provided PAN nor any array of declaration. As a result, my employer did not accommodate HRA account in Anatomy 16. Can I still affirmation it?
Yes, you can affirmation it, if you accept abundant affirmation to prove that you accept absolutely paid the rent. You will be appropriate to present the affirmation to the Assets Tax Department claiming that the hire has been paid. You can present your coffer statements if you accept fabricated payments by cheque.
If you accept paid hire by cash, you can ask the freeholder to accommodate the appropriately active acceptance cancellation as a affidavit of payment. Despite all evidence, it is absolutely abased on the acumen of the Assets Tax Department whether they get assertive by the affirmation and appropriately they may accommodate tax account on HRA.
12. My Anatomy 16 is not announcement complete TDS. How can I affirmation it?
If your Anatomy 16 is not announcement complete TDS, you charge verify the Anatomy 26AS. If TDS is reflected in Anatomy 26AS, you charge anon acquaint your employer and appeal to affair the revised Anatomy 16.
If TDS is not reflected in your Anatomy 26AS, your capacity are not appropriately adapted and the affidavit could be incorrect PAN, abridged form, mistakes while filing the TDS acceptance by your employer, etc. In such cases, you charge acquaint your employer and appeal to booty all-important action.
13. What are the important factors to accede in Anatomy 16?
When you accept Anatomy 16, you charge ysis the following: Name, PAN, Employer’s TAN, Cross ysis the Bacon (mathematical) numbers from your pay slips.
14. My Employer has blurred my HRA absolution as Rs. 145,239, admitting it is Rs. 185,239. Will I get a affirmation for the actual amount?
When an employer by miscalculates the HRA absolution , the agent can still get the tax account of HRA while filing the Assets Tax Return. Remember, all deductions which were bare while breeding Anatomy 16 can be claimed while filing the Assets Tax Return, provided that you are acceptable as per the Assets Tax Laws.
So, if you accept abundant affirmation to prove the actuality of the exempted HRA amount, you can affirmation Rs. 185,239 while filing your acceptance instead of Rs. 145,239 as accustomed in Anatomy 16.
15. My Anatomy 16 is assuming incorrect PAN. What should I do?
It may appear that your employer has mentioned an incorrect PAN in your Anatomy 16. This is a actual austere affair due to which you may not be able to affirmation your TDS bulk and so all-important accomplishments are appropriate to be taken as anon as possible.
In such case, you charge to acquaint your employer of the said absurdity and ask him to actual it on his end. He will accept to book a revised TDS acceptance acclimation your PAN so that the tax deducted from your assets gets displayed adjoin your PAN.
Moreover, afterwards the revised acceptance has been filed download your Anatomy 26AS to ysis that the TDS has been accurately reflected in your tax acclaim statement.
This commodity has been accounting by mytaxcafe.com which helps bodies to e-file their assets tax return.
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