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Form 16A: Form 16A is also a TDS Certificate but it is applicable for TDS on Income other than Salary. This certificate features details such as the name and address of the payer or payee, PAN/TAN details, challan details of TDS deposited, income, and TDS deducted and deposited on such income. Details from Form 16A will be fetched on Form 26AS.
India enforces withholding tax also on payments between companies and not just from companies to individuals, under the Tax Deducted at Source (TDS) system. (Since April 2016, the United Kingdom has discontinued withholding tax on interest and dividends, though in some cases this income will become liable for taxation through other means). [8]
In India, a Tax Deduction and Collection Account Number (TAN) is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961.
The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of the Republic of India. It functions under the Department of Revenue of the Ministry of Finance. [5] The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT
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Income tax is deferred until the recipient receives payment. Depending on the firm and employee, DC can be optional or mandatory, contributions may come only from salary, or may allow gains from stock options. At some firms it is mandatory for all salary in excess of $1 million/year. The benefit feature of NQDC plans vary.
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The Income Tax Act, 1961, and the Income Tax Rules, 1962, govern the process of filing Income Tax Returns in India. Form 3CE is a part of this process and is an Audit Report format and is required by Section 44DA. [24] Section 44DA Sub-Section 2 of the Income Tax Act, 1961, and Rule 6GA are specifically related to the use of Form 3CE.