TDS Form 16 Last Date: The government has extended the last date for the issuance of Form 16 by employers to their employees. In fact, the extension has been given for all TDS ( tax deducted at source) certificates, including Form 16. The TDS certificate for tax deducted on salary income is captured in Form 16 of the employees. A notification has been issued wherein the government has extended several other tax-related deadlines for the financial year 2019-20. “These extensions will be useful for those who have not been able to do their tax-saving investments. Several taxpayers are looking forward to receiving their Form 16 and completing their tax filing so that they can get refunds on a timely basis,” says Archit Gupta Founder and CEO ClearTax.
This is what the notification says – “The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to 31st July, 2020 and 15th August, 2020 respectively.”
Earlier, the last date used to be May 31 of the year. However, before the recent extension, it was changed to the 15th June of every year. Now, due to the COVID-19 impact, the date for furnishing has been extended till July 31 while for issuance to the salaried employees, the last date will be August 15.
July 31 will also be the last date for completing your tax-saving exercise for the FY 2019-20. This means you got another month to save your taxes by investing in PPF, NSC, ELSS, life insurance, health insurance etc. The last date for filing ITR for FY 201-20 had already been extended till November 30, 2020.
As an employee, your TDS gets deducted each month on your income. Form 16 contains the details of income received from the employer, tax deducted and the deductions availed for the financial year. Based on that and your other income earned during the previous FY, you need to file the ITR for the relevant assessment year.
Form 16 is in two parts – Part A and Part B. The Part A carries basic information about the employee and the employer such as name, address, PAN, TAN details. A summary of total TDS deducted and deposited with the government is also mentioned there.
The total income earned by the employee as salary income and also any other income as reported by the employee to one’s employer including the break-up of various deductions such as section 80 C, 80D availed by the employee gets reflected in Part B.
The format of Form 16 had also undergone a change during the last year. All allowances and perquisites in detailed format have to be mentioned in Form 16 along with Standard Deductions which is also to be mentioned in Form 16.