TDS TCS Certificate: TDS stands for Tax Deduction at Source, and TCS stands for Tax Collection at Source.
Form 16/16 A are the certificates of TDS and TCS which the employer issues on behalf of the employees.TDS and TCS provide a detailed description of the various transactions between deductor and deductee. Taxpayers have to issue the TDS and TCS Certificates. It is mandatory for them.
These two certificates to be issued in the following manner:-
Under Section 194 1A, Form number 16 B is for TDS and Form number 16 for TDS.from Salary.
There are some time limits for issuing the TDS. These limits are as follow-
- Form Number 16 is limited for an annual period, and the due date is on or before 31st May of the financial year.
- Form Number 16 A/27 B is limited to a four-month (quarterly) period, and the due date for Form 16 A /27 B is within 15 days from the due date of furnishing quarterly TDS and TCS.
- Form Number 16 B has no period limits, and the due date for Form 16 B is within 15 days of furnishing challan in Form Number 26 QB.
Verification of TDS Certificate (16/16A)
Taxpayers can verify their TDS certificates online by visiting the TDS CPC government website.
Step 1: Visit the official website of Income Tax Department tdscpc.gov.in/app/tapn/tdstcscredit.xhtml
Step 2: There is a Captcha; enter that Captcha and click on the “Proceed” button.
Step 3: Fill in all the required details like TAN of Deduction, PAN, TDS certificate number, Financial Year, Source of Income, and the TDS amount deducted as mentioned in the certificate. After filling in all the required details, click on the “Validate” button.
Step 4: You can also check TDS and TCS credit by giving some more details like PAN of the Deductee, TAN of Deductor, Financial Year, Type of return and press on the “Go” button.