Form 16 always have confusions with it. Reason being two different parts of forms 16 available from Income-tax. Form 16 shows that your employer has deducted the TDS from the salary. As per the income tax rules in India if TDS is deducted then must be issue form 16. Form 16 is only issued once a year, on 31st May every year.
Understand Form 16A
Rather than going into hard taxation terminology we would say that Form 16A is a TDS certificate to facilitate helping you file income-tax. It is a certificate certifying the amount paid in TDS, how/nature of the payment and the total amount of TDS deposited at income tax.
What do you need to fill the Form 16A?
Make sure that after downloading the form from official TRACES Website, you have all the following details.
- Persona Account Number (PAN) of the place where you work (employer).
- TAN of Employer.
- Your own PAN (employee).
- Which assessment year you’re filing?
- Duration of employment.
- Name and address of the place where you’re working.
- Part An of Form 16 with unique TDS number.
- The form generated through official TRACES Website.
Hope you have all the mentioned details, if you have, then you’re ready to fill the form 16. Go on and click here to Download pdf of Form 16A.(Form 16A Download Link)
Understand Form 16B
In the simplest term possible the Form 16B is TDS certificate of Tax Deducted at Source from the sale of property. When you’re selling the property which is immovable, the buyer is required to pay the 1% TDS on the property amount to the seller.
What do you need to fill the Form 16B?
Here is the list of things you will need to fill up the form 16B, we have collected all the possible details to assist you in filling the form. Make sure you have all of them before you start the process to complete it without any interruptions.
- Details of the exact amount of salaries have been paid.
- Benefits you claimed under the section 89.
- Other deduction that is allowed under the act of Income Tax by the government of India.
If you have all the details as mentioned above, then you’re ready to fill up the Form 16B, go on and click here to download the pdf of Form 16B. (Form 16A Download Link)
How to download Form 16A & 16B from TRACES Website.
Downloading form 16A and 16B is very easy, all you have to do it log in on the official site(www.tdscpc.gov.in) and hover over the download section. As you hover you will find the options to download different documents, there is an option to download Form 16 there. Here is the image that can help you locate the correct button we’re talking about.
Filling Form 16 – Both Form 16A and Form 16B
We found out that many people have difficulties in filling up the form 16A and Form 16B. Without further ado, let me explain each form.
Form 16 – Part A
Part A of Form 16 is the certificate stating that TDS is deducted from the employee by the employer. Another name for it is TRACES Form and it requires following details.
Basically, details of salaries deducted by the employer are mentioned in part A of Form 16. If you need further assistance in filling up the form you can comment.
Form 16 – Part B
Part B is the complete record of employee’s salary, PAN Card details, and other information. It contains details like an exemption, properties, deduction of salary under 80C to 80U. To understand further please check the image bellow.
We hope that you’re clear about how to fill the Form 16, if you have any doubts in any part of Form(A or B) you’re free to comment and we will try our best to solve. This form 16a and form 16b are updated version of forms and last checked on 9th Feb 2017.