If you are a salaried person, I am sure you would have received your Form 16 by now. This document is issued by the employers every year. It is very important to understand the details given in Form 16. Understanding the content of Form-16 helps you file your I-T returns easily.
So, what is Form 16?
It is a certificate under section 203 of the Income-Tax Act, 1961, which gives information on the tax deducted at source (TDS) from income chargeable under the head “salaries”. It gives details of the tax deducted by your employer. In layman terms, Form 16 is the ‘Salary / Income Certificate’ that is issued by your employer.
In this post let us understand – What the various sections in Form 16? What is the difference between Form 16 & Form 16A? What is the link between Form 16 & Form 26 AS? How to verify if TDS is deposited or not? How to use Form 16 to file your Income Tax Returns? What you need to do if you have multiple Form16s?
Form 16 – Details & Sections
Form 16 is a user-friendly document. It has two sections, ‘PART A’ & ‘PART B’.
Part A of form 16 has details like –
- Employee’s name & address
- Employer’s name & address
- PAN no and TAN no (Tax deduction account number) of your employer (the Deductor)
- PAN details of employee
- Assessment Year (the year in which your tax liability is calculated for the income earned in the previous year. If financial Year or previous year is 2014-15, assessment year would be 2015-16)
- Part A provides the summary of TDS deductions. (This summary can be quarterly / monthly basis or on the periodicity of how your employer deducts TDS and credits the tax to the IT department)
- This section also gives you details about the ‘period of employment’. (If you have worked for two or more companies in a financial year, you will have multiple form 16s)
Part B of Form no 16 has below details;
- Income Chargeable under the head of ‘Salary’ . (Includes salary – Allowances and deductions (like LTA /HRA / Professional tax etc)
- Gross Income is Salary income + any other income reported by you. (Other income can be negative income ie loss from your house property or capital gains etc.,)
- Next, deductions Under Sections 80c / 80 ccc / 80 ccd are provided. (The maximum limit is Rs 1.5 Lakh)
- Then the deductions under other sections such as 80D (health insurance premium), 80E (interest on education loan), 80G (donations), and others are provided. (You would have submitted investment proofs for claiming tax deductions to your employer, these tax deductions are listed here)
- The totals of qualifying deductions (Aggregate of deductible amounts under Chapter VI A : Point no 10) are reduced from your Gross Income (Point no 8) to arrive at the ‘Taxable Income’ (point no 11). Tax is calculated (Point no 12) on this amount based on your tax slab.
- If TDS is deducted by your employer, this amount is subtracted from your total tax liability. The net tax amount can be nil (or) some tax amount payable (or) refund. (The balance, if negative, is your refund amount)
If your income from Salary is more than the basic exemption limit (Rs 2.5 Lakh for FY 2014-15), your employer is required to deduct TDS from your Salary and deposit it with the Government.
If you have also disclosed your income from other heads to your employer, they will consider your total income for TDS deduction. If your income is below the minimum exemption limit your employer will not deduct any TDS and may not issue you this form. If you have worked with more than one employer during the year, you will have more than one Form 16.
Form 16 Vs Form 16A
Form 16 is your Salary Certificate or TDS certificate issued by your employer. Form 16 A is also a TDS certificate which is generally issued on quarterly basis. While Form 16 is for only salary income, Form 16A is applicable for TDS on Income Other than Salary. (Form 16A is a statement containing all details of TDS Deducted on all Payments except Salary)
Form-16A also has details of name & address of deductor/deductee, PAN/TAN details, challan details of TDS deposited. It also has details of income that you have earned and the TDS deducted and deposited on such income.
Example – Form 16A is issued by banks when they deduct TDS on interest income earned on your Fixed Deposits / Recurring Deposits.
Let me provide you with a sample Form 16A. I have received the below Form 16 A from Standard Chartered Bank. On one of my FDs, I got a credit Rs 1,188 as interest income and on it Rs 118.80 has been deducted as TDS (@10%). (Remember, if you are in a different income tax slab rate say @ 20%, you need to include this interest income and pay the balance taxes accordingly)
What is Form 26AS?
(How to check or verify if TDS deductions are deposited with IT dept?)
As discussed above, TDS is deducted on Salary and other income, and deposited with Income Tax Department. So, how to check if these TDS amounts are actually deposited with the department or not?
Form-26AS gives you all the details of Tax credits. It is a form which indicates that the tax that has been deducted has also been deposited with the Govt.
Latest article : “All you need to know about New Form 26AS | Annual Information Statement”
The Form 26AS contains details of tax deducted on behalf of the taxpayer (you) by deductors (employer, bank etc.). So, TDS deductions that are given in Form 16 / Form 16 A can be cross checked using Form 26AS. The TDS amounts reflected in Form 26AS and Form 16/16A should always be the same.
(If there are discrepancies, the IT dept will consider the TDS figures as per Form 26AS only. You need to contact the TDS deductor to rectify any errors. For example– If your employer has updated your PAN wrongly, TDS deduction will not get reflected in your From 26AS. In this case, you need to get this error rectified by your employer.)
To access your Form 26 AS, you need to visit Income Tax website and click on View Form 26AS. You need to provide your login credentials to access this form. You can then download relevant financial year’s form-26AS statement. (Form 26AS is provided by TRACES – TDS Reconciliation Analysis and Correction Enabling System)
Below is a sample Form-26AS. In the below image you can view TDS on EPF withdrawal and TDS details from the employer (Tata Consultancy Services Ltd).
You can also find details of your tax payments (self assessment tax/ regular assessment tax/ advance tax) in Form 26 AS. Details of tax refund received during the financial year are also available in this form.
Form-16 & ITR (Income Tax Returns)
Form16, Form 16A (if you have income from other sources) and Form 26AS documents will come handy while filing your ITR. As discussed above, you have most of the details in your form 16 with which you can easily file your Tax Returns. Cross check your Form 16/16A TDS amounts with Form 26AS and then key in TDS details in ITR accordingly.
Based on Form 16, you can fill ‘Income’ and ‘TDS’ details. Based on Form 16 A, you can fill ‘income from other sources’ and ‘TDS’ details in ITR sheet.
Based on Form26 AS, you can cross check the above TDS payments and also fill in details of ‘Advance or self assessment tax’ payments (if any) in your ITR sheet.
Multiple Form 16s
If you have changed your jobs during the financial year, it is advisable to submit your income from previous employment to your new employer. In addition to this, submit all your investments, house rent etc., details to your current employer.
If you do so, the form 16 which is released by your new employer can have all the required details and TDS will be deducted accordingly. Do note that you need to enter the TDS deducted by your current as well as previous employer in your ITR, and pay taxes (if any) accordingly.
In case if you have not shared the details, you can file your Tax returns online based on multiple Form 16s. You need to consider both the incomes together and pay taxes accordingly. (Remember, do not consider tax exemptions twice while calculating the tax liability)
(It is advisable to save a copy of all your form-16s. As soon as you receive form-16 from your employer, email and save it in your personal mailbox. These forms are useful not only for filing Tax Returns but also for applying for home loans / term insurance etc.,)
Continue reading :
- All you need to know about New Form 26AS | Annual Information Statement
- TDS deducted by Employer but not Deposited? How to check TDS details online?
- Do I need to file my Income Tax Return?
- 5 Practical ways to increase your Take Home Salary (Pay)!
- Income Tax Deductions List FY 2023-24 | Under Old & New Tax Regimes
I hope you find this article informative. Kindly share your comments. Cheers!
(Image courtesy of Stuart Miles at FreeDigitalPhotos.net)
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Very useful information
Hello, Srikant Ji
I was paid extra salary from my previous employer in Feb 2020 and Mar 2020, erroneously,which was already recovered by my current employer. Can my current employer reduce this years gross salary he reducing the recovered salary in Form 16 ? If yes , then can you please refer the IT rule under which it is possible ? I have already filed ITR for 13 month’s salary although the amount is alreadt recovered. can you please help me ?
Dear Sahoo,
They can correct the Form 16 entry and the same can be reflected in Form 26AS.
You may request the deductor (employer) to rectify the TDS/TCS statement using prescribed correction statement.
Based on this, you can file revised ITR, provided it is still under process.
Advisable to take help of a CA.
Thanks a lot for your quick response. i ll ask my employer to correct it. I may ask further here for any further clarification, if required.
In a short time, understood very clearly what are these forms and how they are different to each other. Thank You Sreekanth for such clear explanation with screenshots.
Where a depositor has multiple deposits with a Bank, Form 16A does not give break up of deposits along with the period for which interest paid/credited by the deductor. It is therefore not possible to check the correctness of deduction by the Bank or deductor.
Dear VAIDYANATHAN ..Yes, agree with you. Thank you for sharing this info!
Form 26AS as well as form 16A (as down loaded rom traces) are both showing tds deduction, but cpc financial accounting system is not showing the same and hence credit not allowed by cpc. How to resolve the issue
Dear Manju,
Form 26AS report itself is from the IT dept’s data..
You may submit your grievance to them via e-Nivaran portal..
There is mismatching of income from interest as shown in 26AS and form 16A as issued by the Bank. Interest income is higher in 26AS. While filing ITR online, the figure of Form 16A is autopopulated. should I change the figure manually while filing ITR. What should I do?
Hi,
Kindly first check with your banker about the discrepancy in Interest income??
WELL ADVISED BY YOUR SELF TO FILLING ITR. NOW MY QUESTION IS THAT I AM GOING TO RETIRE ON 31ST AUGUST 2018.GETTING CPF APP.RS.3500000/-PLUS RS.1500000/- TOTAL RS FIFTY LAKH. NO REGULAR PENSION IN MY DEPARTMENT ,WHERE TO INVEST THIS AMOUNT TO GET REGULAR INCOME PER MONTH .I THINK YOUR CONSULTATION/ GUIDANCE BE REWARDING ME BEFORE INVESTING.
Dear VIPAN ji,
You may kindly go through below articles ;
* Retirement Planning in 3 Easy steps
* Lump sum Investment options for Retirees/Senior Citizens | Where to invest my Retiral benefits to get Regular Income?
Dear Sreekanth,
In my case Total amount paid/credited in Form 26AS match with gross/total salary of Form 16 (point 1) which is more then my income chargeable on head salaries in Form 16(point 6 which after HRA exempted).
Which one shall I consider as my taxable income, Total amount paid/credited in Form 26AS OR income chargeable on head salaries of Form 16
If I consider income chargeable on head salaries of Form 16, then it would mismatch from Form 26AS.
Please suggest me.
Part A amount paid/credited is higher than part B. Shall I change the amount as per part B in sch 1 column while filing. Shall I edit the column or not please tell me.
Part A amount paid/credited is higher than part B. Shall I change the amount as per part B in sch 1 column while filing. Shall I edit the column or not please tell me.
Hi,
I just observed that in Form 16 received from my employer, Total Amount Paid/credited shown in Part A of Form No. 16 is less than PART B (Annexure) Gross Salary. What could be the reasons for this difference? and Which income sholud I consider while filing IT returns? TDS is deducted based on Income shown in PART B (Annexure).
Dear Anusha,
Gross Salary includes allowances. Where as ‘income from salary’ is after deducting allowances..
Hi Sreekanth,
I was working with Company1 till March10, then shifted to Company2 but absconded it on 2nd day. I didn’t take/receive any salary from Company2. But the Company2 has generated Form16 for 1 month salary(tax = 0), which is updated in my Form26AS.
Now while doing my ITR, should I consider the 26AS and upload both Form16s? or Should I ignore the Company2 Form16 as I didn’t take their money?
Please suggest me what to do, if I don’t include Company2 Form16 will I be penalized by IT dept?
Many thanks in advance,
Raju.
Dear Raju,
Did Company2 credit you with 1 month salary?
i hv to file return for fy 2017-18 but in 26as there are 3 entries done by PNB which are wrong & not related with me. total amt 329 is shown in amt. paid and 0 TDS on it. when i fill itr from efiling site this amount is automatically added from 26AS. if i modify it to zero instead of 329. it will not match with 26as and my itr will not be cleared by CPC. my bank said that it is not done by them it is done by centrally. i lodged complaint on site to pnb but custcare forwarded my mail to my branch. no action is taken. then i filed complaint on e-nivaran but there was not such option so i fill in “other” option. i got ref no. it is forwarded to concern as shown in status. but still 26as not rectified. what i should do?
Dear sunita,
If you believe that data (pertaining to your banker) in Form 26AS is wrong then your bank has to get the details corrected. Kindly follow it up with your banker.
Dear Sreekanth
My Form 16 and 26AS are in agreement. I am filling my return online. The auto updated (as per e-filing) details of TDS in Sch TDS 1 are different than that shown in the Form 16/26AS. Both the Income Chargeable under Salary Col 3 and Total Tax Deducted Col 4 are less than those indicated in Form 16.
Kindly advise on further action. I have intimated IT department through online grievance portal.
Thanks for your time and help
Dear Ameet,
I believe you can provide/edit TDS details as per your Form26AS/10. You may kindly wait for the IT dept to revert to you and then can go ahead with IT filing.
In case, they provide more information, you may kindly share it here, can be useful to all of us!
Hi Srikanth,
My father is a retired person with income only from interest on bank deposits. Since he had submitted form 15H, NO tax is deducted by the banks. (They refused to provide proper Form 16A since there is no tax deducted and have only provided bank interest certificate on their letterhead). However, Form 26AS shows that they have provided partial information to Income tax department. For example, one bank has paid total interest of Rs 1.2 lacs (as per the bank interest certificate), however, the Form 26AS shows that they have paid Rs 28450 as interest with “Tax Deducted” zero. We understand we have to compute tax as per the amount shown on bank interest certificate.
My question is with respect to filling section TDS2 of ITR-1. In this section, column “Amount which is subject to tax deduction” shows Rs.28450 (which is fetched from Form 26AS). Do I need to change this amount to actual interest paid i.e. Rs. 1.2 lacs? or should I keep it as it is? We don’t want to answer IT Department queries for mismatching the numbers what they have in their system and what we put up there. Please advise, so accordingly we will file ITR.
I had already posted this query last week, but since there is no response, I am posting it again. Thank you very much for your support.
Hi,
I believe that you need to contact your banker and check the reason for providing incorrect details.
If required, they may have to reissue the Form 16A.
The IT dept goes by the details as in Form 26AS.
Thank you Srikanth. Unfortunately the bank refused to issue Form 16A since they didn’t deduct any tax. The branch manager himself don’t know why the there is discrepancy is their between their interest certificate and on Form 26AS since it is processed by central system. In all I feel we need to calculate the tax as per Bank interest certificate, BUT keep the numbers on schedule TDS2 as per Form 26AS. Thanks again.
Dear Vai,
Suggest you to keep bank statements related to this deposit with you, for future reference.
You may declare the correct interest income received in your ITR and the TDS details.
Hi Srikanth,
My father is a retired person with income only from interest on bank deposits. Since he had submitted form 15H, NO tax is deducted by the banks. (They refused to provided proper Form 16A since there is no tax deducted and have only provided bank interest certificate on their letterhead). However, Form 26AS shows that they have provided partial information on Income tax department. For example, one bank has paid total interest of Rs 1.2 lacs (as per the bank interest certificate), however, the Form 26AS shows that they have paid Rs 28450 as interest with “Tax Deducted” zero. We understand we have to compute tax as per the amount shown on bank interest certificate.
My question is with respect to filling section TDS2 of ITR-1 (under TDS tab). In this section, column “Amount which is subject to tax deduction” shows Rs.28450 (matching with Form 26AS). Do I need to change this amount to actual interest paid i.e. Rs. 1.2 lacs? or should I keep it as it is? We don’t want to answer IT Department queries for mismatching the numbers what they have in their system and what we put up there. Please advise. Thank you very much for your support.
Hi Srikanth, any response to this query would be appreciated. Thank You.
I am an Insurance Agent. I joined this job in last F.Y. 2017-18 & received commissions from my employer. I have no other income from any other source, except interest on fixed deposits & saving bank deposits.
I have 2 queries.
1. Which ITR Form should I use to file my tax returns ?
2. As per Form 26AS My Employer has shown the March,2018 commission
as paid & TDS deducted and deposited subsequently in March,2018.
Whereas I have received March commission in April,2018 in my bank
accounts. Should I file my ITR for A.Y. 2018-2019 as per form 26AS or
report this income in next year ITR.
Dear CHAND,
1 – You can file ITR 3 Form.
2 – You may include April commission in FY 2017-18 itself as TDS has already been deducted in Mar 2018.
You may kindly consult a CA as well.
Which part of the Salary (in Form 16) does “Income Chargeable under Salaries (Col. 3)” in Form 26AS refer to? Gross Salary or Gross Salary – deduction u/s 10 or Gross Salary – deductions u/s 10 & 16?
Dear Mr Sarma,
Please use income numbers from form 16. ‘Income under the head salaries’ will be specifically mentioned in the form 16. Please use that number. ‘Total income’ is a term different from ‘Income under the head salaries’.
Income shown in point 6 of part b of form 16 should be taken in ITR to avoid any notice u/s 143(1).
Form 16 part b which is calculative part of your salary i.e which shows how your salary derived .In point no 6 which come from Gross Salary less allowance and HRA actually allowed to you .
Which income should i consider while filling IT return Form 16 or 26AS
Dear Sandeep,
Kindly note that the Tax dept goes by Form 26AS.
But if the details in Form 26AS are wrong or needs to be corrected then you need to contact respective employer/institution.
hello sir,
my company started in august 2017 i was joinng company from the begining of startup now i need form no 16 so my question is that company able to give form 16 to me or not because company not completed even one year of their started?
Dear anshu,
They can issue Form 16 irrespective of the duration..
sir, kindly make a topic to fill the ITR 2018-19 from form-16.
Dear Mr Reddy,
Please tell me where in the ITR form 2 I should show income from the 60% of the total corpus withdrawn (as per the present rule for FY 2016-17) – and also, how to calculate tax on this amount. I fall in the 10% tax bracket.
Looking forward to hearing from you at your earliest convenience.
Thanking you, in anticipation
Faithfully, yours
Sanjay k srivastava
Dear sanjay,
May I know about which Corpus are you referring to??
Dear Sir,
I have query regarding my IT return file
1. FORM 16 A and Form 26 AS salery “Total Amount Paid /Credited” is same but the gross Income shows in FORM 16 part B is different which income should be taken for ITR file.
2. I did return file last year for assesment year 2016-17 with gross income as per FORM 16 Part B in sept 2016. let me know it would be possible to rectify ITR return file as per Form 26AS “Total Amount Paid /Credited” income.
Thanks and Regards,
Anil Gawade.
Dear Anil ..You need to consider the amount which is under ‘income from/chargeable from Salary / Pension’.
HI EVERYONE ,
I AM APPLYING FOR BELGIUM VISA REQUIRED 3 YEAR ITR , BUT MY PREVIOUS ORGANISATION NOT SUPPORTING ME FOR GIVING FORM 16 , SHOULD I DOWNLOAD FORM 26AS FROM TDS SITE ,,
IS IT ACCEPTABLE 26AS FORM FOR VISA OR NOT pls reply asap ..
Tuesday is last day for applying
Dear Tushar .. There is no need to attach any document (form 16 or 26AS) with your ITR.
Yes, you may first cross check the TDS details related to your salary between Form 26AS and your payslips. You can then file your ITR based on Form 26AS.
Sir my question is I don’t have my form 16 & Itr ,it’s misplaced , m salaried person , now co pant denied for giving me form 16 ,,can I download form 26AS PAST 3 year & submit for Belgium visa ???
Sir I just want to know about can I uSe form 26AS for Belgium visa or not ..Pls reply asap
Dear Tushar ..I am not aware of Visa rules applicable for Belgium country.
Hi,
My father got a letter from income tax dept for the FY 2014-15. He has not filed ITR as he do not have a substantial source of income. He is now 69 and the information received on CIB-410 and TDS-194A.
Do we need to file ITR to respond to the letter? if yes any penalty? How to proceed further, please help us.
How the taxable income will be calculated? only with 26AS?
Dear Subramanian,
CIB 410 is about : Cash deposit aggregating of Rs 200000 on a day.
You can respond to the notice with appropriate option.
Kindly read: How to reply to notice of non-filing of Income tax return?
I am a senior citizen (66 yrs). NHAI credited certain interest amount on my bonds with my bank on 03.04.2017 i.e., interest earned for the year ending 31.03.2017. This is not reflected in Form 26AS. Since the interest income got credited during FY 2017-18 (though related to FY 2016-17) should I declare this in my current IT return to be filed now or show it as income earned in the next return strictly based on date on which the amount was credited ?
Dear Shan Ji,
Kindly note that Form 26AS will have information about your interest income, only when TDS is deducted on your income.
You may disclose this income in your FY 2016-17 ITR itself, as this interest is accrued for FY 2016-17.
Dear sir we have a small company so for 2 employees need to issue the Form 16 ..so as per the instructions i calculated in Excel sheet so there is No TAX Liable to both the persons .. Now what are the mandatory things to issue to FORM 16 to employee .. what is the complete procedure to make it DONE ,, kindly do the needful sir ..
Dear Kapil ..I am not well aware of Employer side procedures / guidelines. Suggest you to take services of a CA / CS.
Nice article
Thanks for sharing the informative blog.
Hi Sir,
The company called Ablaze Info Solutions Pvt. Ltd.- have deducted TDS for 2016-17 via Company Pan No:AAJCA6364R and TAN number : DELA28801D, i am able to see the TDS deposited in 26AS site but the company did not issued the 16A and now the company has got the RAIDED by Income tax Department there are no answer and there wed site is also blocked.
My question
1. is that can we take the credit of TDS deposited in 26AS with out from16A ?
2. how to know the from 16A number that is serial number do we any source since company has been free zed ?
Dear Dilip,
1 – You can take the TDS credit, as it is reflected in your Form 26AS.
2 – I am not sure about this. But, may I know why do you require the Sl no of Form 16A??
Hello Sir,
I believe we have to fill the details in ITR -2 in tab called TDS in 18c , Unique TDS Certificate Number
do not know is it required or can we leave it blank ?
Dear Dilip,
Then in such a case Form 16A is required.
Is this non-salary income?
Hi Sir,
Thank you for the reply yea it is non Salary income and sad with out Form 16A we cannot claim ? is there is any way to find out the from 16A number ?
Dear Dilip,
I believe that Unique certificate number is not mandatory in ITR.
Read this article..but its 2015 article..
wow…Thanks a ton sir…you are awesome one stop shop for all Indian Laws .
Thank you dear Dilip ..Keep visiting ReLakhs 🙂
Kindly share the articles with your friends.
Dear Sreekanth
Just wanted to understand if we can claim the amount deducted as TDS mentioned on form 26AS for salaried individuals while doing the IT returns for the respective financial year? I mean can that be refunded through TDS claim?
If yes, can you advice on how this has to be done?
Dear Deep,
Yes, you can claim.
For ex:In case, your declared amount is less than your actual investments, your company might have deducted higher TDS. So, you can claim this as ‘refund‘ while filing your taxes by disclosing the actual investments and re-calculate your tax liability.
Is it true that PAN Card details should be submitted before 26 Jan 2017 for withdrawing EPF of 2016?
Please help.
Dear Rakhee,
Kindly note that EPFO has been asking for a copy of PAN card to process the withdrawal applications for quite sometime..but there is deadline or timeline as such.
Kindly read: EPF withdrawals & new TDS rules.
Could you please guide /share the link related to 24Q & form 27 .
Dear Sreekanth
I have wrongly submitted IT returns for AY 2015-16 instead of 2016-17. In 2015-16, I was not working hence there was no income, so I had not filed ITR. Now because of my mistake a demand has been raised by the IT dept. asking me to pay additional tax for 2015-16. Is it possible for me to just change the assessment year from 2015-16 to 2016-17 keeping all other details the same?
How do I go about correcting this? Pls help.
Dear Rahul,
You can RECTIFY your ITR as per the notice. Suggest you to kindly take help of a CA.
FORM 16 SHOWIMG GROSS SALARY 667800 BUT 26AS SHOWING AMOUNT PAID/CREDITED 606000 WHICH ONE I TAKE IN ITR
TDS26281 DEDUCTED
Dear Sir,
As indicated in my queries dtd. 05.08.2016 and your reply dtd.06.08.2016,the Bank has indeed accepted their mistake about excess Interest shown in original FORM 16 A and has furnished REVISED FORM 16 A dtd. 10.09.2016 to me on 15.09.2016 with corresponding updation(i.e. correction) in 26AS Form as well.Meanwhile however I submitted my ITR on 20.07.2016 for A.Y. 2016-17 showing the details as furnished by the Bank in original FORM 16A with claim of REFUND.This has since been processed and due REFUND of TAX has been credited to my savings account ,also on 15.09.2016.
My queries are :
(a) Is assessment of my return for A.Y. 2016-17 can be called to be OVER as necessary REFUND has already been made ?
(b)As per Section 139(5),one can submit revised ITR only if (i) he has submitted original ITR within schedule time and (ii) his ITR so submitted is NOT assessed.Now what happens in my case as the submission of REVISED Form 16 A and REFUND by IT appear to almost simultaneous .
(c) The mistake of INFLATING my income is done by the Bank indicating my excess tax liability How can I submit revised ATR if the IT authority claims that my orginal ITR is already assessed and hence I cannot submit revised OTR to claim FURTHER REFUND on the basis of ACTUAL INTEREST INCOME now accepted by the BAnk.
Kindly respond and guide.
Thanking you in earnest anticipaton
DIPANKAR
Dear dipankar ..You may submit RECTIFIED Return. But suggest you to consult a CA for this.
Dear Srikant,
Greetings!
One small query I have regarding FORM 16, as I have been working in USA on Temporary visa from 2015 Jan, though my salary is generated in INDIA, but it is zero payable, however PF deduction and 80 C is marked in FORM 16 which was provided by my company.
I have not received the actual FORM 16 from government. Should I still fill the returns for assessment year 2015-16.
Dear hrishikesh,
Kindly note that Form 16 is issue by your employer and not by the Govt.
What is ‘zero payable’?
Is your Residential Status is NRI?
Hi Sir,
FORM NO. 16
[See rule 31(1)(a)]
Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source
from income chargeable under the head “Salaries”
*Qualifying amount is mandatory to mention in form 16 or not
9. deduction under Chapter VIA
Section 80c.
Gross amount | Deductible amount |Qualifying amount
30,500
30,600
Qualifying amount mandatory to mention like 1,50,000.My company gave me form 16 but there qualifying amount not mention please guide me ASP.I have to submit this form.
Thanks,
Gaurav
Dear Gaurav ..Not compulsory for Section 80c.
Hi,
Let me know few things pls..
1) In my previous company I worked for 4months only, And at settlement I got Leave Encashment Rs.5500/- .. Is this taxable or should be exempted??
2) Also got LTA of Rs. 6800/-,and I travelled after leaving the company , I have the FLIGHT TCKTs too.. Should it come into taxable income or exempted?
3) Got medical Allowance Rs.5150/- for 4 months working in their company. If the current employer+last employer’s 5150/- do not cross yearly MEDICAL ALLOWANCE Rs.15,000/-..should it come into my taxable income or exempted?? (Medical bill also provided to current employer while submitting tax)
Kindly help with your tax knowledge..
Dear ujjal,
1 – Kindly read : Leave encashment & income tax implications.
2 – Check with your current employer if you can claim LTA. It is a tax exempt income.
3 – Kindly read : Medical allowance & Medical insurance premium – tax benefits.
My gross pension and interest income from SBIN 0001370 is Rs. 1189743/-
Saving under 80C ( Tax saving MFs + Insurance ) Rs 150000/-
Taxable income from the SBI worksout to be Rs 1039743/-
The form 26AS shows Amount paid/Credited as Rs 1168965/- *
* this amount happens to be mismatch between Form 266AS and From 16 + TDS . Therefore I took up matter with the manager. Since last two months he failed to respond. So I sent Email to SBI authorities as grievances against the bank. I was advised to see manager again informing that the problem was resolved. I gave a copy of the letter dated 01 Aug 16 to the manager . But so far there is no response from him. The last date for e filing IT return has gone. Please advice.
Dear Shabbirhusain ..You could have filed your ITR before due date with whatever information you have. The IT dept goes by your Form 26AS. Kindly file your ITR at the earliest.
dear sir,
Good morning, Please clarify my doubt
1).where to fill the “total amount paid/credited” by the bank (PART-A of 26AS) into the ITR-1 form.
2)How the amount differ from “total amount paid/credited” of (PART-A of 26AS) and ITR-1 form’s ” income from salary(B1)”.
Dear SOWTHIRI,
1 – Under the head ‘income from other sources’.
2 – The income can be after deduction of allowances.
thank you sreekanth
Dear Sir,
Many many Thanks.It is indeed amazing how you manage to attend such huge queries so PROMPTLY.Hats off to you.
Now again thanks for your to the point replies.I am actually concerned to know about the correctness of the total interest said to have been paid by the BANK in F.Y. 2015-16.The amount declared by them vide Form 16A ( which tallies Form 26AS also)is a SUSPECT only because they have given me THREE different figures after 31.03.2016 i.e. after expiry of F.Y. 2015-16.All these different figures must have followed some sort of software.Is it not ?As I am pretty sure about my self-calculation (barring marginal difference between simple and compound interest against deposits in FLEXI account as detailed in my 1st letter),can I not ask the Bank to satisfy me about their own calculation ? Once this total amount is really INFLATED as I strongly feel,Bannk will have to issue REVISED Form 16A a,d then I can file REVISED ITR(as I have filed original ITR already within time) to claim further refund.AM I CORRECT ? KINDLY ADVISE
NOW MAY I HAVE YOUR e-mail ADDRESS as I WANT TO HAVE THE PRIVILEGE OF REQUESTING YOU TO GIDE IN INVESTMENT OF MY DISPOSABLE FUND
Thanking you once again
DIPANKAR
Dear Sir,
Please accept my heart-felt thanks for all the trouble you are taking for attending people’s queries.Simply superb and unbelievable !
My query can be understood from following details :
1.I am a retired Central Govt employee and Interest of Bank Deposits are my only ,repeat ONLY,source of income -No pension from the employer,no rental income etc, etc.
2.My BANK has furnished me with FORM 16A (all 4 quaters) in May,2016 indicating Rs. 477391.37 as INTEREST paid and TDS amount as Rs. 42882.00 for the F.Y.2015-16.These figures tally with Form 26AS also and accordingly I have filed my IT Return for AY 2016-17 last month indicating this Rs.477391.37 (plus other income like saving account interest and interest income FD of another Bank,Post Office Deposit interest etc) as my income.After allowing rebate U/S 80 C,87A etc.,I claimed a refund of about Rs. 25000.00
3.Now INTEREST on my deposit with the Bank (in one bank and one branch only where all my deposits are kept)includes interest on FDs,RDs and one FLEXI A/c(where deposits are automatically taken as FIXED while allowing withdrawal if required).My calculation on interest on all such instruments comes to Rs. 420204.81 only.So there is a huge EXCESS interest (=Rs.477391.37-420204.81=Rs.57186.56)claimed to have been paid by the BANK.As the interest on FDs and RDs are easily calculable,the same is not that easy for the FLEXI account.In fact I have calculated the interest on FLEXI account taking simple interest only ,ignoring compounding effect.So my self-calculation of accruable interest of Rs. 420204.81 as mentioned above may be marginally lower but not to the extent of Rs. 57186.56 ! I religiously paid income-tax on all accrued interest on FDs and RDs in the past years as I have developed my own method of calculating yearly interest on such instruments and which exactly tallies with the Bank’s values.Only interest part of FLEXI account leaves some scope for difference to occur between my self-calculation and the Bank’s.But not to the extent of Rs. 57186.81.
When approached, the Bank has given different statements showing different amount of INTEREST PAID.Statement dtd. 29.03.2016 and 22.04.2016 show that the total interest paid as Rs.384059.99,the statement dtd. 26.05.2016 indicates the same as Rs. 405772.41 WHILE FORM 16A ( issued during the same time i.e. May,2016)indicates the same as Rs. 477391.37 !Total interest paid as shown in these statements include interest paid against ALL DEPOSITS(FDs+RDs +FLEXI Deposits) and it is found that my self-calculation of interest on FDs and RDs almost tally with those shown by the bank.
My queries now are:
(a) BANKs must have their own software to calculate the accrued TAX on all sorts of deposits including the FLEXI account .What happens if there is a mistake ?.Are not they liable to issue revised 16A Form ?
(b) Do such issue of revised 16A Form automatically get reflected in 26AS. Otherewise how FORM 26AS will stand rectified ?
(c) Once I get such revised FORM 16 A from the Bank,can I submit revised ITR for claiming FURTHER REFUND ?
(d) Is there any different way to solve my problem of excess credit of INTEREST shown by the BANK as this have increased my TAX liability?
Thanking you in earnest anticipation AND WISHING YOU A VERY VERY HAPPY PROSPEROUS LIFE
DIPANKAR ROY CHOWDHURY
Dear dipankar Ji,
Thank you so much for your kind words and wishes.
a – Banks are liable to correct TDS details (if any discrepancies).
b – Yes.
c – Yes. If you have filed your original ITR within due date.
d – It depends on who is correct in calculation 🙂 But I believe we can trust their software.