Under Section 203 of Income tax Act, 1961, Every employer whether in Government sector or in private sector, is required to issue in form 16, a certificate for tax deducted at source (TDS) from salary. The Form 16 contains the computation of the income, allowable deductions and rebates, income-tax payable along with details of tax deducted and deposited by the employer.
Issue of Form 16: The certificate is required to be furnished by the 31st day of May after the close of the relevant Financial Year . The employer may issue a duplicate certificate in Form 16 if the deductee has lost the original form-16 and makes a request for issuance of duplicate one. The duplicate certificate must be certified as duplicate by the deductor.
Form 16 Parts As per CBDT Circular No. 04/2013 dated 17th April, 2013, issue of form 16 for deduction of tax at source made on or after 01-04-2012 shall be in two parts as under:
Part-A Part A of Form No. 16 contains the details of the tax deposited and is required to be downloaded from TDS Website (TRACES), and can be issued by the employer by manually signing or under a digital signature . Thus Part A of Form No. 16 shall be issued by all the deductors, only by generating it through TRACES Portal and after duly authenticating and verifying it.
Part-B ‘Part B of the Form contains the computation of the total income of the employee including the details of deductions and rebates allowed. Form 16 is required to be prepared by the deductor employer manually and issued to the deductee employee along with the Part A of the Form No. 16.
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