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 computed on the basis of estimated income of the employee. … [Read more...] about Requirements of Form 16 and 12BA in Income Tax
Form 16
What is TDS Certificate -Form 16 or 16A
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 government lies in the fact that it propones the collection of tax, ensures a … [Read more...] about What is TDS Certificate -Form 16 or 16A