Monthly Archives: August 2016

Frequently Asked Questions (FAQ) on Form 16/16A

What is Form 16 / 16A? It is the certificate of deduction of tax at source by any person in accordance with Chapter XVII-B of IT Act. Form 16 is issued… Read more »

Different matching statuses in Form 16 / Form 16A

Following are different matching statuses in Form 16 / Form 16A: U-Unmatched (Deductor has not deposited taxes or has furnished incorrect particulars of tax payment. Final credit will be reflected… Read more »

Reasons to reject the correction in challan detail by TDS-CPC

Rejection reasons pertaining to challan details are as follows: Challan detail record on which correction has been filed does not exist in regular / previous statement In a correction statement,… Read more »

Payment of taxes -Do’s & Dont’s

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Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet. Type of Challans to be used for tax payments Challan Description ITNS… Read more »

Statutory provisions attracted on failure to deposit tax in government account after deduction

Where the employee has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest… Read more »