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Taxprint is a leading online payroll software company that provides comprehensive payroll solutions to businesses of all sizes in India. Our user-friendly software simplifies payroll management, ensuring timely and accurate processing of TDS, eTDS, ITR, and asset management tasks.
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A comprehensive guide to Form 16A: A TDS Certificate
Form 16A is a TDS certificate that is issued by the deductor on a quarterly basis. It is a statement concerning the nature of payments, the amount of TDS, and the deposited TDS payments to the Income Tax department. It also consists of brokerage, interest, professional fees, contractual payments, rent, and other sources of income.
Unlike Form 16, which only consist salary structure, Form 16A of income tax charge TDS from:
Receipts from business or profession fees.
Rental receipts from a property or rent.
Sale proceeds from capital assets.
Additional source.
Important components of Form 16A
The important components of Form 16A are:
Details of the Employer: It contains the name, TAN, and PAN of the employer.
Details of Employee: It contains the name, TAN, and PAN of the employee.
Mode of Payment: Both offline and online modes of payment are available.
Receipt number of TDS: The receipt number of TDS helps in the tracking of back details.
The date and deposit tax amount with the income tax department help track information.
Significance of Form 16A
Form 16A plays a pivotal role while filing an income tax return, especially when someone has other sources of income apart from their salary. Here are the key benefits of Form 16A:
Filing of income tax returns: The details contained in Form 16A help employees file their income tax returns. It guides employees in reporting their total income, which includes salary and other sources.
Tracking of TDS: It helps every individual keep track of the tax deducted at source (TDS) on their income. It gives you a summary of TDS deducted at source.
Income Proof: Form 16A works as evidence of an individual's total earnings from other sources. Government agencies and financial institutions, like banks, easily accept this source as income proof.
Loan Applications: This form is important in verifying the loan applications. Financial institutions often need a record of the assets and liabilities of an individual to check the guarantee on loan repayment.
How to download Form 16A?
Below are the following steps to download Form 16A:
Visit the official website of the income tax department.
Complete the registration process on the website.
Click the "Download" tab, and then select Form 16A.
Fill in the PAN details, and then click “Go to continue.”.
Click submit and download Form 16A.
What is the difference between Form 16 and Form 16A?
Form 16 and Form 16A are both TDS certificates, but there are certain differences between them. The following are the differences between Form 16 and Form 16A:
Form 16 is a TDS certificate deducted from salary, whereas Form 16A is issued for income other than salary.
Form 16 is issued by the employer, whereas Form 16A is issued by financial institutions.
Form 16 is used for deducting tax from salary, whereas Form 16A is for removing taxes from another source of income apart from salary.
Final Thoughts
Paying taxes is the responsibility of the citizens of the nation. It is evident that the process of filing an income tax return and Form 16A is restless and troublesome. Some technical terms of income tax are not known to the new taxpayer. Worry not, because Eazybills will solve every tax-related problem and also offer TDS tracking.
So? What are you waiting for? Connect to us today through our website, where our professional team will guide you according to your requirements.
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Section 194O of the Income-tax Act, 1961 deals with Tax Deducted at Source (TDS) on payments made to e-commerce participants. It was introduced in the Union Budget 2020 and came into effect on 1st October 2020.
Here's a summary of the key points of Section 194O:
Who is responsible for deducting TDS?
E-commerce operators like Amazon, Flipkart, Meesho, etc., are responsible for deducting TDS at the rate of 1% on the gross amount of sales made through their platform by sellers (e-commerce participants).
What transactions are covered?
The TDS applies to sales of goods, provision of services, or both facilitated through the e-commerce platform. This includes professional and technical services as well.
When is the TDS deducted?
The TDS is deducted at the time of crediting the seller's account, irrespective of the mode of payment, or at the time of making payment to the seller, whichever is earlier.
Threshold limit:
There is no threshold limit for e-commerce companies. They are required to deduct TDS on all transactions facilitated through their platform. However, for individual/HUF e-commerce participants, no TDS is deducted if the gross amount of sales during the previous year does not exceed Rs 5 lakh and they have furnished their PAN or Aadhaar.
Purpose of Section 194O:
This section aims to improve tax compliance by bringing e-commerce participants under the TDS net. Many small sellers operating on e-commerce platforms often miss filing their income tax returns. By collecting TDS at the source, the government ensures that some tax is collected upfront even if the seller doesn't file their returns.
I hope this summary is helpful. If you have any further questions about Section 194O or its implications, feel free to ask!
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Say goodbye to manual calculations and paperwork! Tax Print, the premier TDS software in Mumbai, empowers businesses and professionals with seamless TDS management.
Streamline your workflow and ensure compliance with features like automated TDS calculation, effortless challan generation, and efficient returns filing. Import data with ease and generate comprehensive certificates (Form 16, 16A, 27D) for smooth documentation.
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What is TDS Return: – TDS (Tax deducted at source) return is a summary of TDS transaction made during a quarter. TDS return is a quarterly statement which is submitted by the tax deductor to the Income tax department. TDS return contain all entries for the Tax deduction by deductor and TDS paid by the deductor to the Income tax department. In this article we learn about, “How to file a TDS…
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