Income Tax Act, 1961 provide different types of Income Tax form for an Individual, HUF, companies and others for different purposes. There are several forms available to fill and complete the requirements as per Income Tax Act. Forms are available regarding TDS certificate, Returns, Pan card, TAN, TDS return etc. This article contains the brief description of important Income Tax Forms.
1. Form 16
Form 16 is a certificate under section 203 of Income Tax Act, 1961 for TDS on salary. If you are a salaried employee then employer will deduct TDS on your salary as per section 192 and deposit that amount to the government. After financial year end, a certificate in Form 16 will be provided to employer in which all the information regarding the amount of salary earned and tax deducted will be provided. A person should know about this form to avail the credit of TDS during the time of filing Income Tax Return.
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2. Form 24Q
Under Income Tax Act, TDS is deducted and deposit on the monthly basis but statement of deduction of tax (TDS return) is Filed on a quarterly basis for every quarter (i.e., June, Sep, Dec, March). Form 24Q is the form used to file a quarterly statement of the tax deducted in respect of salary for the quarter ending. It has to be submitted by the deductor (employer) and contains information regarding salary and tax deducted. It contains two annexure;
- annexure 1 which is to be submitted by deductor for all the four quarters,
- annexure 2 is to be submitted by deductor only after the end of last quarter.
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3. Form 16A
Form 16A is a Certificate under section 203 of the Income-tax Act, 1961 for TDS on income other than salary. Whenever you receive any amount from any other person then that person will deduct your TDS on that amount (amount should be other than salary).
4. Form 26Q
As explained above that TDS return is filed on a quarterly basis. Form 26Q is also filed on quarterly basis regarding the tax deducted on the income other than salary. Form 26Q is submitted by the deductor if he has deducted TDS on the amount other than salary. The income other than salary on which tax is deducted includes interest income, dividend, rent, fees etc.
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5. Form 27Q
Form 27Q is TDS return applicable to the payment made to non resident Indians and foreigners other than salary. It serves as a declaration of the Tax deducted on payments made to NRI. As all the other TDS return, form 27Q is also submitted on a quarterly basis. The income other than salary includes interest, dividend, rent, fees etc.
6. Form 49A/49AA
Form 49A is an application form for the allotment of permanent account number (PAN). The person who wants to apply for a pan card is compulsory required to fill form 49A. Form 49A is for Indian residents who want to apply for a pan card.
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Form 49AA is a application form for the allotment of permanent account number (PAN) to foreign resident and entities incorporated outside India. The person who wants to apply for a pan card is compulsory required to fill form 49AA. Form 49AA is for foreign residents who want to apply for a pan card.
7. Form 49B
Form 49B is application form for applying TAN (Tax Deduction and Collection Account Number). The person who are required to deduct tax at source or collect tax at source while making a payment are compulsorily required to have a TAN. An individual can easily apply for a TAN by filling Form 49B.
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8. Form 15CA
Form 15CA is required to be filed online. It is a declaration by remitter which provides information regarding the payment made to non-resident and which are also taxable in hand of recipient non resident. However there are some cases in which remitter is exempt to fill the form.
9. Form 15CB
Form 15CB is in additional to Form 15CA. It is certificate provided by a chartered accountant stating that all the information provided in Form 15CA are true and correct. Hereby, it serves as a declaration by chartered accountants.
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10. Form 35
Form 35 is a form in which taxpayer can file an appeal to the commissioner of Income Tax. Whenever taxpayer has any grievance and if they want to challenge any notice then they can file their appeal through form 35. Appeal can be regarding imposition of penalty by an Assessing officer.
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The author of above article is Shruti Jain.
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