Who is a deductor and deductee?
Deductor: The person who is making the
payment is responsible for deducting the tax and depositing the same with
government. This person is known as 'deductor'. It is usually the employer, or
the tenant, or any person making the payment.
Deductee: The person who receives the
payment after the tax deduction is called 'deductee'. This is usually the
employee, landlord, or the person receiving the money.
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Will it affect my TDS if I do not provide my PAN to my employer deductor?
Yes. Any person who is entitled to receive the amount (income) on which tax is deductible, must provide PAN to the deductor. If you have not provided your PAN then your employer may deduct tax from your income at higher of the rates in force or 20% ...
What is Certificate in Form No. 16?
The employer (deductor) is required to inform the employee (deductee) about the amount paid to deductee and the amount of tax deducted and deposited on behalf of the employee by the deductor. This information is provided by the deductor to the ...
Inadvertently, I have given wrong PAN to my employer deductor. What are the consequences?
The consequences of providing wrong PAN are identical to those of not providing the PAN. That is, if you have not provided your PAN then your employer may deduct tax from your income at higher of the rates in force or 20% of the income credited to ...
What is Form No. 16C?
For the purpose of bringing the high rental income groups within the ambit of tax, the government in the Budget 2017 inserted a new Section 194IB. Under this section, individuals and HUF who pay rent of Rs 50,000 or above will have to deduct TDS at ...
Do I have to submit this form to the income tax department?
Form 15G & Form 15H are not required to be submitted to the income tax department by you. When you submit them to the deductor, he/she will prepare a detail of all such forms received and submit to the income tax department,