Dear all
Pls difference between income tax return and form 16.
Regards,
ramesh pandey (na) (42 Points)
31 July 2014Dear all
Pls difference between income tax return and form 16.
Regards,
Mihir
(Wealth Manager)
(5293 Points)
Replied 31 July 2014
ITR is what you submit to the IT dept, and form 16 is a TDS certificate issued by the employer.
ramesh pandey
(na)
(42 Points)
Replied 31 July 2014
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 31 July 2014
Form 16 is received from a particular emloyer & all incomes of an assessee are not covered under it.
Income tax return is filed for all incomes of an individual.
Mihir
(Wealth Manager)
(5293 Points)
Replied 31 July 2014
Form 16 includes salary income and not income from capital gains, income from other sources, income from business/profession. Whereas ITR includes all in detail.
ramesh pandey
(na)
(42 Points)
Replied 31 July 2014
Hitesh Chhajer
(Student)
(136 Points)
Replied 31 July 2014
Form 16 is salary certificate and return is not a certificate....rest Miss saloni has answered correctly :)
Yuvraj singh bhatia
(CA Final)
(50 Points)
Replied 31 July 2014
also there may be difference in ur income declared in form 16 and actual income (from salary), as there might be some deductions u may not have declared to ur employer (like 80D, 80G, 80E) etc, and which might not get reflected in ur form 16, so if you think that deduction is high and u can reduce ur liability, then definately file ITR.
NILA REJESH P
(Chartered Accountant)
(815 Points)
Replied 31 July 2014
IT Return is the return tobe filed by the assessee in respect of tax on income in a particular financial year. It is submitted to IT Department. Form 16 is the certificate of TDS on salary which is issued by employer to employee.
Akshay Rode
(Student CA Final )
(55 Points)
Replied 31 July 2014
Amit kumar
(Article assistant)
(23 Points)
Replied 01 August 2014
CS Abhijeet soni Advocate
(CS LLB MCOM MBA (FINANCE) MPHIL CA INTER PGDCA PGDA&PR )
(931 Points)
Replied 01 August 2014
sir ITR is the document which filled by the Assessee itself for showing total income that earned in a particular financial year and tax payable or not .in other word a statement which showing all the sourses of income and all deductions that applicable by Assessee.
other side the Form 16 is issued by employer only showing the income from salary that earn from single employer and not to evidence of total income of an Assessee.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India