Can ITR be filed without Form 16?

Yes, it is definitely possible. If you do not have Form 16, then there is no need to worry. You can also fill ITR with the help of your salary slip, bank statement, Form 26AS and AIS. Just keep in mind that whatever information you fill, it should be correct.

Can we download our Form 16 ourselves?

No. You cannot generate Form 16 from your PAN number. Only the company can download it and send it to you. So contact your office or HR to get Form 16.

When will I get Form 16?

Every year by 15 June, the company has to give Form 16 to its employees. Before this, the company informs the government about how much tax has been deducted from whom. Only after that Form 16 is prepared.

Who gets Form 16?

Only the person from whose salary tax is deducted will get Form 16. If tax is not due on your income, then the company will not deduct TDS and will not give Form 16. In the new tax system, people having income up to ₹ 7 lakh do not have to pay tax. In the old tax system, tax is not due up to ₹ 5 lakh. Therefore, if your tax is not deducted, then you will not get Form 16 either.

What is the password to open Form 16?

When Form 16 comes in the mail, that file is opened with a password. It usually has a password.

• Your PAN number (in small or capital letters),
• or date of birth (eg – 01011990),
• Or a combination of both.
• The password information is given in the mail sent with Form 16, you can check it there.
• What to keep in mind in the end?
• If you have got Form 16 then it will be easy to file ITR.
• Even if you have not received it, do not panic – ITR can be filed with other documents also.
• If there is any problem, seek help from a tax expert or nearest CSC center.

The post Income Tax Form 16 : What is the last date to get Form 16 from your company? Know the details first appeared on Rightsofemployees.com.

This rule is going to come into effect from April 1, 2025. After this, all partnership firms will have to deduct TDS on certain payments made to their partners.

TDS has to be deducted at the time of payment or at the time of credit of money to the partner’s capital account, whichever is earlier. Certain types of payments will come under the purview of this rule. These will include partner’s salary, renewal, commission, bonus and interest on any account (including capital account).

TDS Rate and Exemption Limit

• -If the total amount credited to the partner’s account or payment made during the year is less than Rs 20,000, then there is no need to deduct TDS.
• -If the payment is more than Rs 20,000 then TDS will have to be deducted at the rate of 10 percent on the entire amount.
• -Sharing in profits will not be subject to TDS as partnership firms already pay tax on it.
• Impact on partnership firms and partners
• -Firms will have to deduct TDS before making payments to partners.
• -Partners will receive money after deducting TDS and they will have to provide correct information about it while filing income tax return.
• -This change will help in preventing tax evasion and ensure better tax compliance.

Partnership firms are a popular business structure for small and medium enterprises (SMEs). These also include limited liability partnerships (LLPs). Till now, the profit sharing and partner’s remuneration was calculated at the end of the financial year when the firm’s money was credited to its books of account. Now under the new rule, firms will have to close their accounts on time so that TDS can be deducted on remuneration and other types of payments.

Earlier, firms were not required to deduct TDS on payments made to partners as the amount was taxed under the head ‘business income’ in the partner’s tax return. The introduction of section 194T is aimed at ensuring timely collection of taxes by the income tax department. However, partners will still have to calculate their advance tax liability and deposit any shortfall to avoid any interest on late payments.

Section 194T is a step towards increasing tax compliance. This will allow partnership firms to deduct TDS on certain types of payments to partners. Both partners and firms need to take care of this rule. Failure to do so may result in tax mismatch and penalty may have to be paid.

(The author is a chartered accountant. He is an expert in personal finance, especially income tax related matters)

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