When the employer deducts TDS and does not issue a certificate?
Any person responsible for paying salaries is required to deduct TDS before making payment. The Income Tax Act lays down that every person who deducts TDS from a payment, must furnish a certificate with details of TDS deducted & deposited. An employer in specific is compulsorily required to furnish a certificate, in the format of Form 16.
Form 16 : TDS Certificate Form
Form 16: Meaning Form 16 is an income tax form used by firms to give their employees information on the tax deducted. Form 16 is considered as the proof filing of income tax returns by your employer to the government. For example, if your income is ...
10 Reasons Why You Should File an ITR
The CBDT is constantly explaining to citizens why is it essential to file income tax returns by conducting various drives. Yet, citizens are hesitant to file income tax returns and are unaware of benefits they may procure from filing income tax ...
Form 13 – Lower or Nil Deduction of TDS
Person responsible for making the payment is entrusted with the responsibility of deducting the tax at specified rates either at the time of credit in the books or payment to the recipient, whichever is earlier and only pay the balance amount to the ...
Section 194P- Exemption for ITR filing for senior citizen
To provide significant relief to the senior citizens aged 75 or above from IT filing, Ministry has introduced Section 194P in the Income-Tax Act, 1961 via the Finance Act 2021. New Section 194P is applicable from the 1st day of April 2021. They can ...
Form 10BD - Statement and Certificate of Donation
Form 10BD As we are aware, section 80G of the Income Tax Act,1961 provides for deduction on payment of donations. Until the last financial year there was no way to counter check the accuracy of the donations paid. The Income Tax department allowed ...