How many types of form 16 are there? The 5 Types of TDS certificates
How many types of form 16 are there? The 5 Types of TDS certificates
You can receive a certificate of TDS from total 5 parties. One is your employer, one is your bank, one from the person who sold you immovable property during the year, one from your tenant if he has deducted taxes from your rent receipts, and the final one from any individual or HUF, with whom you have entered into a agreement of service (profession) or any works contract (contractor) for a sum greater than Rs 50 lakhs during the year.
How many TDS certificates aka Form 16s can a taxpayer receive in a year?
Basically, there are maximum 5 types of TDS certificates (form 16) that you may receive during a year. You will only receive those certificates that are applicable for you, from the list below:
- Form 16 : (Issued by your employer, for payments of salary and income tax)
- Form 16A : (Issued by your bank, you have any deposits with them, and they have deducted TDS on your interest receipts)
- Form 16B : (Issued by the seller of the property, which you have purchased during the year)
- Form 16C : ( Issued by your tenant, if he or she has deducted any TDS from your rent receipts)
- Form 16D : (Issued by a Individual or HUF being contractor of work, or service if the total payments made to them during the year exceeds exceeds Rs 50 lakhs)
How to check if the TDS certificates provided by the above parties are correct, and not fake?
Please use the images (and hints) for easier understanding of the steps involved.
Step 1: login to the income tax portal using this official link
Step 2: Once logged in in to the Income tax portal, navigate to your TDS certificate in the following manner
- navigate to "E-File Returns" tab
- then Select "Form 26AS"
- A disclaimer window will pop up,
- click confirm,
- then Accept the T&C of the Traces Portal
Step 3 : Click on 'Verify TDS certificate' under the 'View/Verify Tax Credit' tab.
Now, You have to enter the details of the party, which has issued you the TDS certificate, in this step.
If the TDS certificate is indeed valid, you will see a confirmation for the same in the TRACES portal, when you have entered the relevant information as under:
It is a simple two step procedure, once you have opened the TRACES portal:
1 - feed the below 5 types of information in 'View/Verify Tax Credit' tab
2 - click Validate.
a) TAN of deductor (the person who issued the TDS certificate to you)
b) Assessment Year (Assessment year is the year that immediately follows the financial year)
c) TDS amount deducted as per certificate
d) TDS certificate number
e) Source of income (if the issuer of the certificate is your employer - click salary, else click non salary)
This website will show you the original TDS certificate, you can match it with the certificate you have received.
In case there are any discrepancies, you should immediately notify your deductor and ask him to revise the particular version of Form 16, so that the certificate receieved from them matches with the information reflected by the TRACES portal.
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