Hi Guys I have tried finding out about form 16 on net but i cldnt find anything very informative , sumthing that tells all about form 16???? Can some 1 of u plz help???????? Wat i know about form 16 is that it tells us bout the prior co of the ee , his salary details and others details like increments , tax rebates etc.....Is there anything else to it??/ And why is Form 16 neccesary
From India, Khopoli
6From India, Khopoli
What is Form 16?
As you all know it is most important form and regularly used by us. It is a certificate issued to you by your employer stating the details of the salary you have earned and the tax deducted on your behalf and paid to the government
If you are an employee of the company (which means you are on the company's payroll), you should receive your Form 16 by April 30 every year.
From United States, Palo Alto
As you all know it is most important form and regularly used by us. It is a certificate issued to you by your employer stating the details of the salary you have earned and the tax deducted on your behalf and paid to the government
If you are an employee of the company (which means you are on the company's payroll), you should receive your Form 16 by April 30 every year.
From United States, Palo Alto
Form 16 : Form 16 is issued under Rule 31(1)(a) of the Income Tax Rules issued by the Government of India under the Income Tax Act, 1961 provisions.
It is issued by an employer to an employee at the end of every financial year detailing therein salaries earned by him during that year, the savings done by him which are permissible deductions under Section 80C of the Act and the income tax deducted from him during the year and deposited in Government accounts.
A summary of details of such forms issued by every employer is sent to the Income Tax Department at the end of the year, detailing therein the employees name, his PAN, his emoluments, the tax deduction from him and deposited in Government accounts at the end of the financial year (before 30th June of succeeding year).
With the help of this return in summary form, the IT Department is able to know particulars of employees who worked under that employer. This information is correlated with the information published by the employees when they file their tax returns.
Significance : This is the only authenticated document to show your income/earnings to outside world. Like ; Banker, housing loan institutions, income tax department & etc..
This will be required while processing your Visa's. This is very important document for obtaining Income Tax Clearance Certificate (ITCC) from income tax
Department at the time of migration to other country. Form 16 is the only proof that you have paid income tax for your earnings.
Consequences : Its a crime if u fail to file the income tax return and tat person will be liable for punishment and also he/she will be liable to pay a penalty of Rs 5,000 and simple interest of 1.25 per cent per month on the tax that he/she have not paid if you fail to file your return of income by the end of the assessment year,
He/she will not be allowed to revise their delayed returns; even if they discover any errors later, they will not be allowed to carry forward losses for a set-off in future.
They could be prosecuted for failing to furnish your returns, and could become a candidate for scrutiny, or even a search-and-seizure exercise by the tax department.
Above all, don't forget to apply for a PAN (permanent account number) in the first year that you become liable to file returns. If you don't, you could end up paying Rs 10,000 as penalty.
From India, Madras
It is issued by an employer to an employee at the end of every financial year detailing therein salaries earned by him during that year, the savings done by him which are permissible deductions under Section 80C of the Act and the income tax deducted from him during the year and deposited in Government accounts.
A summary of details of such forms issued by every employer is sent to the Income Tax Department at the end of the year, detailing therein the employees name, his PAN, his emoluments, the tax deduction from him and deposited in Government accounts at the end of the financial year (before 30th June of succeeding year).
With the help of this return in summary form, the IT Department is able to know particulars of employees who worked under that employer. This information is correlated with the information published by the employees when they file their tax returns.
Significance : This is the only authenticated document to show your income/earnings to outside world. Like ; Banker, housing loan institutions, income tax department & etc..
This will be required while processing your Visa's. This is very important document for obtaining Income Tax Clearance Certificate (ITCC) from income tax
Department at the time of migration to other country. Form 16 is the only proof that you have paid income tax for your earnings.
Consequences : Its a crime if u fail to file the income tax return and tat person will be liable for punishment and also he/she will be liable to pay a penalty of Rs 5,000 and simple interest of 1.25 per cent per month on the tax that he/she have not paid if you fail to file your return of income by the end of the assessment year,
He/she will not be allowed to revise their delayed returns; even if they discover any errors later, they will not be allowed to carry forward losses for a set-off in future.
They could be prosecuted for failing to furnish your returns, and could become a candidate for scrutiny, or even a search-and-seizure exercise by the tax department.
Above all, don't forget to apply for a PAN (permanent account number) in the first year that you become liable to file returns. If you don't, you could end up paying Rs 10,000 as penalty.
From India, Madras
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