Difference between Form 16, Form 16A and Form 16B
Introduction-
Form 16: TDS Certificate for only salary income-
Form 16 (TDS Certificate) has issued against deduction of TDS from salary. It is to be issued when an amount of TDS has been deducted against your taxable salary, means if your income in a particular financial year exceeds the basic exemption limit after allowing eligible amount of allowances/deductions as per rules of Income Tax Act. It is the duty of an employer to deduct the calculated amount of tax every month and should be deposited with the government account in a particular time framed and under section 192.
If an employee received salary below the taxable limit, then there is no deduction of TDS and not required to issue form 16.
Form 16 is further divided into two parts; one is part A and another is part B.
Part A- includes the following: -
- Name and Address of the Employer and the Employee
- PAN and TAN of the Employer
- PAN of the Employee
- Assessment Year
- Period of employment with the employer
- Receipt Numbers of original quarterly statements of TDS under sub-section (3) of Section 200
- Summary of amount paid/credited
- Summary of tax deducted at source
- Detail of tax deducted and deposited in the Central Government Account through Challan with BSR Code of the bank, Date of deposit, Challan number etc.
Part B- includes the following-
It also includes all the financial details as below along with additional details namely the employer’s name and PAN/TAN details etc. –
- Gross salary
- Value of perquisites
- Exemptions and allowances
- Deductions under Chapter VIA
- Rebate/Relief etc.
- Tax payable etc.
Form 16A: TDS Certificate is for other than salary income-
Form 16 (TDS Certificate) has issued against deduction of TDS from other than salary i.e. TDS on Interest, Commission & Brokerage, Contract, Rent, etc.
- Personal details of both the employer and the Employee
- PAN and TAN of the Deductor
- PAN of the Deductee
- Assessment Year
- Period
- Detail of amount paid/credited
- Date of Payment/Credit
- Nature of Payment
- Summary of tax deducted at source in respect of deductee
- Detail of tax deducted and deposited in the Central Government Account through Challan with BSR Code of the bank, Date of deposit, Challan number etc.
Form 16B: TDS Certificate is for Sale of Property-
It contains the tax deducted at source on the income earned from the sale of immovable property (Land/building) other than agricultural land. The buyer of the property would be required to issue Form 16B to the seller of the property in respect of the TDS deducted and deposited with the government. For depositing TDS, the buyer does not require a TAN number, furnish only their PAN number.