May 162013
 

TDS Form 16 Part A to be downloaded from TRACES

The TDS certificate is furnished to the person from whose income tax is being deducted by the deductor.  The Form 16 contains details of tax computation and tax deducted/paid.

Form 16 has two separate parts: Part A and Part B.

- The Form 16 part A consists of details of tax deducted and paid. Deductors shall register on the TRACES website to download the Form 16.
- Part B contains details of salary and total income.

According to the Income tax department, it is compulsory to download the Form 16 Part A from the new online portal of TDS, i.e. TRACES. Dated 17th April, 2013 circular no.04/2013 has been issued by the Income Tax Department for Form 16. Revised Form 16 has been notified via Notification 11/2013 dated 19th Feb 2013. Part B of the Form no. 16 is to be prepared manually.

Section 203 of the Income tax department instructs the TDS certificates that are furnished by the deductor to the deductee which should include amount of TDS, valid Permanent Account No. of the deductee (PAN), Tax Deduction Acccount number of the deductor.

The deductor shall authenticate the details mentioned in the certificate prior to the issue of the form to the deductee. In accordance of the sub rule (6) of the Rule 31, the same content shall be verified by using manual signature or digital signature. The Part B of form 16 shall be manually prepared by the deductor and be authenticated and verified. Thereafter it can be issued to the deductee along with the Part A of the form.

Rules regarding the time limit for the issuance of the Form 16 by the deductor to the employee are set. At present,31stmay of the financial year is set as the date for the issuance of the form The Director General of Income-tax (Systems) specifies the procedure, formats and standards for the download of the form no.16 Part A from the portal (TRACES). The Director General  shall be responsible for facilitating the administration of the matters related to the procedures, formats and standards of the same.

Apr 252013
 

TDS Certificate in Form No 16 as notified vide Notification No. 11/2013 dated 19.02.2013 has two parts viz Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income.

ISSUE OF PART A OF FORM NO. 16 FOR DEDUCTION OF TAX AT SOURCE MADE ON OR AFTER 01.04.2012:

All deductors (including Government deductors who deposit TDS in the Central Government Account through book entry) shall issue the Part A of Form No. 16, by generating and subsequently downloading through TRACES Portal, in respect of all sums deducted on or after the 1st day of April, 2012 under the provisions of section 192 of Chapter XVII-B. Part A of Form No 16 shall have a unique TDS certificate number.

AUTHENTICATION OF TDS CERTIFICATE IN FORM NO. 16:

The deductor, issuing the Part A of Form No. 16 by downloading it from the TRACES Portal, shall, before issuing to the deductee authenticate the correctness of contents mentioned therein and verify the same either by using manual signature or by using digital signature in accordance with sub-rule (6) of Rule 31.

Download Circular & New Form16