Press Trust of India
Sunday, May 27, 2007 (New Delhi):
Individual assessees have to submit Form 16 - a certificate of tax deducted at source - along with income tax returns to avail of timely payment of refunds, I-T Department officials say.
However, if the assessee does not claim refund, he does not need to furnish Form 16 with their returns as the new I-T return form for individual tax payer is annexure-less for 2007-08.
I-T Department has issued 17 lakh tax deduction and collection account numbers (TANs) to employers, which are required to quote them and file quarterly statement of tax deducted at source of each employees.
Since many employers are not filing quarterly statement of tax deducted at source, Form 16 is supposed to be submitted to help the authorities pay refunds quickly after cross-checking the amount, the officials said.
"As such, assessees are well advised to submit Form 16, if they are claiming refunds," a Central Board of Direct Taxes (CBDT) official said.
The new tax forms in ITR series, introduced from May 14, are annexure-less except for ITR-7, the form for charitable and
religious trusts, political parties and other non-profit organisations.
The eight new forms are prescribed for the current assessment year, four of which are for individuals and Hindu Undivided Families.
The purpose of annexure-less forms is to enable tax payers file them through electronic mode, the officials said.
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