The Finance Ministry has modified the format of certain tax deduction at source (TDS) certificates (Form 16, 16A) and also the certificate of collection of tax at source (form 27D).
An official release said that separate space has been assigned for receipt acknowledgement number for quarterly statements of TDS and TCS as given to the filer by the Tax Information Network (TIN) facilitator or as the case may be by the NSDL Web site.
The space for TDS circle has been dispensed with, as the TDS circle is now identifiable on the basis of TAN. The new forms specifically require the deductor and the collector to furnish payment-wise/ transaction-wise details of the tax deducted or collected and paid to the credit of the Central Government.
"This will facilitate matching of the entries in the returns of TDS and TCS with those in the certificates of TDS and TCS. Expressions like GIR number of the deductor or collector, which have become redundant, have also been dispensed with", the release said.
Form No.16 is used for issuing a certificate of deduction of tax at source from income chargeable from "Salaries". Form No.16A is used for issuing a certificate of deduction of tax in respect of income from interest on securities, interest other than "Interest on securities", winnings from lottery or crossword puzzle, etc. Form No.27D is used for issuing a certificate of collection of tax at source under Section 206C.
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