As per income tax rules, an employee has to submit his previous employment’s salary details to the present employer if in between the financial year he has joined the company after leaving another company (i.e. former employer). Such salary details are to be submitted in form 12B to the present employer. Following details are to … Read More » "Form 12B – Furnishing salary details to the present employer"
Form 16 is a TDS certificate issued by employer to the employee for the financial year with the details of tax deducted, tax deposited, Challan number, date of deposit, PAN of the employee and employer. Every employer at the time of payment of salaries to employee has to compulsorily deduct TDS at the average rate … Read More » "Requirements of Form 16 and 12BA in Income Tax"
TDS certificate is to be issued by each deductor who is deducting income tax and to be furnished to the person from whose income / payment the Income tax has been deducted. The TDS certificate should specify the amount of tax deducted and the rate at which it has been deducted. Its significance to the … Read More » "What is TDS Certificate -Form 16 or 16A"
Downloading Form 16 and 16A is mandatory as per the recent changes to income tax rule, 1962. After downloading, a deductor will be able to issue it to the deductee. Process of Downloading and Creating Form 16 and 16A in PDF Deductor has to register on TRACES Portal After logging into the portal you need … Read More » "How to Download Form 16 and Form 16A from TRACE Portal"
A certificate of tax deduction at source or TDS has to be issued by the deductor to the deductee specifying there in the prescribed particulars such as; amount of tax deducted Permanent Account Number ( PAN ) of the Deductee Tax Deduction and Collection Account Number ( TAN )of the Deductor Prescribed Forms as per … Read More » "Form 16 & Form 16A – Provisions of Income Tax Act, 1961"