Submit Form 16 for refunds: I-T Dept
Last updated: 27 May 2007
Follow on
Google News
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.
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- Draft Insurance Rules 2026 Released: Centre Proposes Major Overhaul of 87-Year-Old Insurance Rules
- FM Sitharaman Calls for Greater Tax Certainty and Reduced Litigation at 167th Income Tax Day Celebration
- ICAI and IIPA Join Hands to Strengthen Municipal Finance, Accounting and Urban Governance
- Centre Notifies Additional PMLA Special Courts in Gujarat
- CBDT Grants Section 10(46) Exemption to District Legal Services Authority, Jind
- CBDT Revises 'Specified Fund' Definition Under Income Tax Act, 2025
- No Proposal to Scrap LTCG Tax for Retail Investors, Govt Clarifies in Lok Sabha
- RBI Releases Draft Foreign Investment Rules 2026, Invites Public Comments Till 31st August
- CBDT Enables Foreign Assets Reporting in AIS: Taxpayers Can Now View CRS/FATCA Data Online
- RBI Enhances Fintech Oversight with SRO Framework, AI-Based Fraud Detection and Cyber Safety Measures
Popular News
- CBDT Notifies NaBFID 10-Year Zero Coupon Bond Under Income Tax Act, 2025
- CBDT Notifies Cost Inflation Index (CII) for FY 2026-27 Under Income Tax Act, 2025
- CBDT Revises 'Specified Fund' Definition Under Income Tax Act, 2025
- Social Protection Fund Notified as Specified Person Under IT Act 2025 for Tax-Exempt Investments in India
- CBDT Enables Foreign Assets Reporting in AIS: Taxpayers Can Now View CRS/FATCA Data Online
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
