Supreme Court Orders : No Need to Submit Form-16
As a salaried individual, at the end of the month, you would want the amount, which you were promised at the time of appointment.
But if you look closely at your pay slip, the taxman has already taken his share. The employer, on behalf of the taxman, deducts as certain amount as Tax Deducted Source (TDS).
You should have a certificate from your employer detailing that the tax has been deducted at source on your income for the year. Form 16, as it is called, is an important document; so if you haven’t got it, ask for it.
While filing your tax returns, you must attach Form 16 (in original) as proof that your employer has deducted tax at source, to prevent any double payment of tax.
The Central Board of Direct Taxes is working on maintaining an online Tax Deducted at Source account for each taxpayer giving details of all such payments made.
The introduction of a paperless system is aimed at checking fraud or bogus TDS certificates as the data supplied by the taxpayers would be tallied with the information received from the banks (in case of companies) and from the account officers of the government departments (for government employees).
On Friday, the Center issues a Notice that only for the ITR-7 which was meant for the Trusts should have to submit the Form 16. Electronic returns also called e-returns is the new way to decrease the fraud in the economy.
Tags: Form 16 , Not Necessary , From Friday , IT Returns , TDS Deduction , E-returns
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