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Income tax form 16A

Sunil agarwal (Partnership) (74 Points)

29 March 2022

I received an intimation from TDS department that i have not downloaded form 16A for my firm for all the deductions we made. It says there is a fine of 100 rupees per day per form. My CA tells me that the department never fines although it is mandatory to download form 16A. Can someone tell me if i need to pay a fine for not downloading form 16A

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8 Replies

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 29 March 2022

Downloading Form 16A is mandatory and there is a fine for that.

Problem is with the correction.For every correction , you have to download again
Download it at the earliest.

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 05 April 2022

Form 16A

Form 16A is the certificate of deduction of TDS for non-salary earnings like commissions, rents, & freelancing consultancy
These certificates provide details of TDS for self-employed, consultants and other professionals
It is mandatory to issue these certificates to Taxpayers.
Non Salaried individuals like freelancers, consultants & commission agents are eligible to receive form 16A
Issued by the deductors
Issued quarterly
Applies to commissions earned, rental income & professional charges
You can look at Form 16A for
- Deductor’s Bank BSR Code & TAN (Employer’s Tax number)
- Tax Payer’s PAN (Employee’s PAN)
- TAX amount (TDS amount deducted in that year)
- TDS Payment acknowledgment
- Income Tax ACT under section 203 is the abiding law for TDS on earned income
Payments above Rs. 20,000 are liable for TDS & cannot claim deductions
Form 26AS reflects all details mentioned in form 16
Can be verified online in the traces to check if the deductions by the employer or tax deductor are reflected in form 26AS
For more info visit: www.sumopayroll.com