ITR Forms, TDS Certificate, Tax Credit Statement and Filing
The Income Tax Department has prescribed different ITR Forms for various income situations. The taxpayer is required to prepare and file the ITR Form applicable to them for that particular financial year.
Form 16 is a TDS certificate on Salary. It contains details of income earned and taxes deducted on it. The employer issues Form 16 to its employee after the end of a financial year. The due date to issue Form 16 for FY 2018-19 is 15th June 2019. Form 16 is divided into 2 Parts:
Part A: contains employer, employee details and TDS deducted by the employer
Part B: is an annexure of income chargeable under the head of ‘Salary’. It contains a detailed breakdown of salary components.
You may have multiple Form 16 if you had multiple employers or changed jobs during the Financial Year.
Form 16A is a certificate on TDS income other than Salary, like commission, interest, professional fees, rent. Form 16A is issued by the deductor(Payer) to the deductee(Payee) within 15 days of from the date of filing the TDS return.
Form 26AS is a consolidated Tax Credit Statement. It contains the following details:
Tax Deducted from the taxpayer’s income
Tax Collected from taxpayer’s payments
Taxes paid during the financial year: Advance Tax, Self-Assessment Tax, Regular Assessment Taxes paid by the taxpayer
Details of Tax Refund received during the financial year
Details of any high-value transactions
You can set off the tax credit against your net taxable liability while filing the ITR.
You can view and download your Form 26AS from your account on the income tax e-filing website.
Form 12BB is an investment declaration form submitted by an employee to its employer. The employer uses this Form 12BB for accurate TDS deduction on the employee’s salary, and avoid excessive TDS deduction.
Form 10BA is for taxpayers to claim deduction u/s 80GG i.e. for rent paid on house property. Form 10BA contains details of the taxpayer, property, rent paid and the landlord.
How to submit Form 10BA?
You can submit Form10BA for a financial year using the Income Tax Department website.
Go to Income Tax Forms under e-file on the Income Tax Website
Select Form 10BA from the drop-down
Choose the submission mode- Prepare and Submit online
Enter the relevant details,
Preview and Submit the Form 10BA
Form 15G & Form 15H
Form 15G & Form 15H is to avoid TDS deduction on the taxpayer’s income. It is usually submitted to banks to avoid TDS being deducted on the interest income. Form 15G & Form 15H is required to be at the beginning of the financial year.
Form 15H is for taxpayer above the age of 60 years i.e. senior citizens. Whereas, non-senior citizens use Form 15G.
When to submit Form 15G/15H?
Form 15G/15H can be submitted to avoid tax deduction in the following income sources:
TDS on EPF withdrawal
TDS on Rent
TDS on the interest income from Fixed Deposits with bank/ post office