BANKING AFFAIRS

Detailed explanation-1: -Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee.

Detailed explanation-2: -Steps for filing the TDS return claim. File a TDS refund claim when the employer deducts more tax than the actual liability. You can claim the difference amount by filing an income tax return. Provide the bank account number, name of the bank, and Indian Financial System Code (IFSC) details for successful processing.

Detailed explanation-3: -Form 16A is applicable to rent, professional charges, commission agents, hired machinery, etc. Section 203 of the Income Tax Act that is concerned with TDS on chargeable earnings. Section 203 of the Income Tax Act that is concerned with TDS on non-salary earnings.

Detailed explanation-4: -Form 16 is a certificate (issued under section 203 of the Income Tax deducted at source (TDS) by the employer and submitted by them to the Income Tax Department (IT Department). It details how much tax the employer deducted and when it was submitted to the IT department.

Detailed explanation-5: -While Form 16 is for only salary income, Form 16A is applicable for TDS on Income Other than Salary. For example, a Form 16A shall be issued to you – when a bank deducts TDS on your interest income from fixed deposits, for TDS deducted on insurance commission, for TDS deducted on your rent receipts.