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
No comments:
Post a Comment