Indian tax forms


Indian tax forms are used to document information in compliance with the Income Tax Act of 1961 and in accordance with the Income Tax Rules, which govern the process of filing income tax returns in India.

Forms

Form 10BA

Form 10BA is a declaration form that is used by a certain section of assessees while filing income tax returns in India. The form is a declaration by the assessee. The format is specified by the Income Tax Department of India.
Form 10BA applies to a certain section of assessees who are required to claim deductions under section 80GG. This declaration is filed by the assessee himself. Rule 11B specifically applies to the use of Form 10BA.

10BA components

Form 10BA has a limited number of details to be filled in by the assessee wishing to make a declaration towards claiming a deduction as per Section 80GG.
Through Form 10BA the assessee also makes a declaration that no other residential property is owned by the assessee, the assessee's spouse, the assessee's minor child, and in the case of a Hindu undivided family, by a family member in the place where the assessee resides or carries out his business or profession.

Form 15CA

Form 15CA is a form used during the process of remittance to a foreign entity and is required to be presented as per rules laid down by the Income Tax Act of 1961. This form is directly related to the process of making a payment to a non-resident entity and deduction of Tax Deduction at Source on the payment made, at the rates in force at the time.
As per Sub-Section of Section 195 of the Income Tax Act of 1961, Form 15CA is required to be presented to the Reserve Bank of India before a remittance is made. It relates to the remittance of payment that is made to a non-resident individual or a foreign company.
NOTE: 15CA form filing is only processed, if it is accompanied by a 15CB certificate from an authorized chartered accountant in practice. Whereas, there are specific conditions as per rule 37BB of the Income Tax Act 1961, where there is no requirement to obtain certificate from Chartered Accountant in practice.

Information included

The first section contains the name and additional information of the remitter. The PAN number and the TAN number along with the address of the remitter are required to be furnished. The principal place of business is also required to be mentioned.
The second section contains details of the recipient of the remittance. The name, the complete postal address, details of the place of business, the PAN number, as well as the name of the country to which the remittance has been made are required to be mentioned. The status of the entity, whether it is a company, a firm, or others, is represented by the numerals 1, 2, and 3.
The third section refers to details of the accountant. The name of the accountant, the name of the firm or proprietorship concern the accountant is representing, the address, the registration number and the certificate details are mentioned here. The certificate number and the date of the certificate are important mentions in this section.

Guidelines

Form 15CA is required to be duly filled out, signed, and submitted to the Reserve Bank of India or an authorized dealer before the remittance mentioned is made.
The form is also required to be furnished at the official website of the Tax Information Network.
The details in the form should be valid, especially in the case of the PAN and TAN number. The details for the remitter, the remittance, and the recipient of the remittance are required to be mentioned.
The accountant handling the furnishing of the form and the accompanying TDS certificate should be fitting the definition laid down by Section 288 of the Income Tax Act of 1961.

Form 15G and 15H

Form 15G and 15H are self-declaration forms that an individual submits to the bank to request that TDS on interest income for that financial year not be deducted because their income falls below the basic exemption limit. Form 15H is to be filled by resident individual with an age 60 years or above i.e. senior citizens and form 15G can be filled out by a resident individual, a HUF, a trust, or any other assessee, but not by a company or a firm under the age of 60 years.
In general cases, banks are liable to charge TDS on the interest amount being paid on FD upon maturity. Form 15G is a self-declaration form that can be filed by a bank FD holder of age less than 60 years for getting a rebate from TDS on FD interest. Form 15H is similar to Form 15G, except for the fact that the Form 15H is to be filed only by senior citizens of age 60 years or more. To be eligible to file this form, the tax liability of the person must be nil for the particular fiscal year.

Form 16

A Form 16 is a certificate issued to salaried class to acknowledge the deduction of TDS from their salary by the employer. It must be issued by 15 June of the following year for which it is being issued. For the F.Y. 2017–18, the due date for issue of Form 16 shall be 15 June 2018. Further, if any employer delays or fails to issue Form 16 by 15 June, then he shall have to pay a penalty of Rs. 100 per day till the time the default continues. The Form is especially important to employees working in a company or firm.

Features

The following features make Form 16 an important part of the entire process of filing Income Tax Returns in India:-
  • It is applicable to salaried personnel
  • It is a Tax Deduction at Source Certificate issued by the employer
  • It acts as proof that the employer has deducted TDS while paying the employee
  • It is proof of the salary that the employee receives
  • It reflects the amount of income tax paid by the employer on behalf of the employee
  • It can be used by the employee as proof of his Income if the Income Tax Department wishes to scrutinize the income tax returns in detail
  • Only an employer with a TAN is eligible to deduct TDS, and therefore issue a Form 16
  • If TDS is not deducted the employer is not under obligation to issue a Form 16 to the employee
  • If TDS is deducted, the responsibility to issue the Form 16 to the employee lies with the employer

    Important components

Following are few key components that are found in Form 16:
  • Personal details of the employee including name, Permanent Account Number etc.
  • Employer details including name, permanent account number, TAN etc.
  • Acknowledgement number of the income tax payment made by the employer
  • Details of salary including gross salary, net salary, perquisites, deductions etc.
  • Total income and total tax deducted
  • Details of education cess or surcharge
  • Tax deducted as per Section 191A
  • Receipt number of the TDS payment
  • Balance tax payable by the employee or refundable to the employee
  • Details of tax payment including cheque number, DD number, voucher number, challan number etc.
  • Declaration of tax payment by the employer

    Responsibilities

;Of the employer related to Form 16
Form 16 is an important document and Employers are especially required to ensure that every rule related to it is followed meticulously. This is not only in the interest of the Employer and Employee but is also required by law under the Income Tax Act, 1961.
  • The signing authority on Form 16 should be a responsible person of the company or firm
  • The salary, deductions, and other financial details should be calculated carefully
  • In case of errors, rectifications should be made and a fresh Form 16 issued
  • The tax deducted from employees should be paid to the government in time
  • The PAN and TAN details should be filled in correctly
  • The receipt, voucher or challan number of the tax paid to the government should be filled in correctly
  • Employees should be issued the duly completed Form 16 well in time to file their tax returns with the Income Tax Department
;Of the employee related to Form 16
Though the onus of providing the Form 16 document lies with the employer, the employee is also required to fulfill certain conditions.
  • Collecting Form 16 from the employer well in time to file income tax returns with the Income Tax Department
  • Checking if the details related to name, PAN etc. are entered correctly
  • Checking details related to salary, deductions, education cess etc.
  • Checking deductions under 80C, 80CCC, and 80CCD
  • In case of discrepancies bringing them to the notice of the employer and getting them corrected
  • Keeping Form 16 safely as proof for the details filled in while filing income tax returns

    About Form 22

Form 22 relates to the tax deducted at source on an approved superannuation fund set up for the benefit of employees. This amount is exempt from taxes if the payment is made on death, retirement, or in lieu of or as an annual payment.
Form 22 is related to the superannuation fund and is governed by the rules and regulations laid down by the Fourth Schedule of the Income Tax Act of 1961. It is the statement of tax deducted at source from the amount that is being repaid to employees with relations to a superannuation fund.

Components

Form 22 is related to the Tax Deducted at Source in the event of payments being made from a superannuation fund. This form is valid only in the case of the fund being an approve done.
  • The form is required to reveal a range of information such as
  • The name of the superannuation fund
  • The details of the Employee such as his name and address
  • The time period for which a contribution has been made towards the fund by the employer
  • The breakup of the principal amount and the accrued interest
  • The average rate of deduction of tax for the previous three years
  • The total amount of tax that was deducted when the repayment was done
  • A declaration by the trustees of the fund stating that the details furnished in the form are accurate