Sunday, 30 June 2013

Form 16 Part A to be downloaded from TRACES portal



Income-tax department has issued Circular No 04/2013 dated April 17, 2013 in respect of Form 16.
New Form 16
  • Revised Form 16 has been notified vide Notification 11/2013 dated 19.02.2013
  • Form 16 has two distinct parts
    • Part A : contains details of tax deduction and deposit
    • Part B : contains details of salary and total income
  • Form 16 has to be issued on or before May 31, 2013 in respect of Financial Year 2012-13
Procedure for Issuance

  • Form 16A , TDS in respect of other than salaries is to be issued quarterly only by downloading the same from TRACES web site. ( Circular 01/2012)
  • There was no such requirement in respect of Form 16
  • Now vide Circular 04/2013, a deductor is required to issue
    • Part A of Form 16 by downloading the same from TRACES web site
    • Part B of Form 16 is to be issued by deductor manually
  • Form 16 generated from TRACES will contain unique TDS Certificate Number
  • Form 16 by Govt. deductors, who make TDS payment by book entry , is also to be issued by generating and downloading from TRACES
Authentication of Form 16
  • Form 16 must be signed manually or using digital signature
Analysis
  • Issuing Form 16 will be a challenge for deductors for FY 2012-13, as this involves two distinct parts being issued from two different sources
  • Part A will have to be generated and downloaded from TRACES. Part B will have to be prepared manually or using a third party software.
  • The deductee should not feel that two different parts are being given
  • Software vendors will have to provide utility to merge two Parts created in PDF formats  to make it easier for deductors to issue Form 16
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