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Form 16A is a TDS certificate issued by employers every quarter and on an annual basis, according to Section 203 of the Income Tax Act, 1961. Notably, payouts greater than Rs. 30,000 are accountable for TDS and cannot claim deductions.
How to get Form 16A?
Form 16A is issued for the current financial year by your deductor, and it shows the total earnings and total income taxes deducted for that financial year from another source of income apart from your salary. You can easily get the Form 16A from the website of the Income Tax Department.
What are the advantages of filing an income tax return?
You can avail of various benefits if you file your income tax return on time, like:
You can quickly get loans from the bank.
You can avoid penalties by timely filling out the ITR.
Filling out the ITR can also help in getting easy approval for a visa.
Which types of payments are accountable for Form 16A and attract TDS?
Section 206C of the ITA clearly mentions non-salary earnings that are accountable for TDS, but the interest rate differs from each source.
Dividends
Rent
Interest on fixed deposits.
Insurance commission
Form 16A is a TDS certificate issued by employers every quarter and on an annual basis, according to Section 203 of the Income Tax Act, 1961. Notably, payouts greater than Rs. 30,000 are accountable for TDS and cannot claim deductions.
How to get Form 16A?
Form 16A is issued for the current financial year by your deductor, and it shows the total earnings and total income taxes deducted for that financial year from another source of income apart from your salary. You can easily get the Form 16A from the website of the Income Tax Department.
What are the advantages of filing an income tax return?
You can avail of various benefits if you file your income tax return on time, like:
You can quickly get loans from the bank.
You can avoid penalties by timely filling out the ITR.
Filling out the ITR can also help in getting easy approval for a visa.
Which types of payments are accountable for Form 16A and attract TDS?
Section 206C of the ITA clearly mentions non-salary earnings that are accountable for TDS, but the interest rate differs from each source.
Dividends
Rent
Interest on fixed deposits.
Insurance commission
Statistics: Posted by invoicing — Thu May 09, 2024 11:04 am