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Finance

Check how to verify the validity of Form 16

Form 16 is a certificate issued by an employer under Section 203 of the Income Tax Act. It is issued for TDS (Tax Deducted at Source) from the salary of an employee. This tax deducted from an employer’s salary is to be deposited with the nodal government. 

Form 16 needs to be issued every year on or before June 15. There are two parts in Form 16 – 16A and 16B. Every employee must be well-aware of the difference between 16A and 16B to avoid any confusion when filing ITR. 

How is Form 16A different from Form 16B?

Form 16A and 16B differ on the aspects of their purpose, applicability, eligibility, contents, and so on. Here’s a detailed breakdown of the difference between 16A and 16B:

Form 16A:

Form 16A is a TDS certificate, which includes income from sources like returns from mutual funds, fixed deposits, and rent. A specific portion of these incomes is to be deducted as specified by the government. In such cases, the certificate issued is known as Form 16A. 

This form contains all the necessary details of an employer and employee. Here is the list of information Form 16A includes:

  • Name of employee
  • TAN of employer
  • PAN of employer
  • PAN of employee
  • Assessment Year
  • Summary of tax deduction
  • Period of employment of an employee in the concerned company
  • TDS certification number

Form 16B:

Form 16B is the TDS certificate for the Sale of Property. This certificate specifies tax deduction from income earned from the sale of any immovable property other than agricultural land. It also includes details of:

  • Investments made under Section 80C
  • Deductions as per Section 80C
  • Relief according to Section 89
  • Deductions allowed under the Income Tax Act
  • Tax due for a particular financial year or tax refund to be claimed

Both form 16A and 16B might be required while availing funds. You may need to provide copies of both to apply for a credit card online.

How to check the validity of Form 16 online?

Check the following steps to validate Form 16 online:

Step 1: Visit the official site for Income Tax filing.

Step 2: Log in to your account using the PAN

Step 3: Under the tab ‘My Account’, you will find an option saying ‘View Form 26AS (Tax Credit). Click on this option to get redirected to the TRACES website.

Step 4: Click on ‘Verify TDS Certificate’ under the ‘View or Verify Tax Credit’ tab.

Step 5: Enter the required details like Assessment Year, TDS amount, TAN of the deductor, TDS certificate number, income source, etc.

Step 6: Click on “Validate’.

If the TDS certificate is already valid, the website will display the same results. In case the TDS certificate is not valid, you will need to ask for a legitimate TDS certificate from the concerned tax deductor. A legitimate Form 16 acts as a necessary document not only in ITR filing but also when applying for a credit card. 

In case your documents are not proper or invalid, it can lead to the rejection of your application. It’s one of the reasons why your credit card application can be rejected. 

Thus, if you wish to own multi-benefit cards like the Bajaj Finserv RBL Bank SuperCard, you need to start preparing for it accordingly. The card has all such features and benefits that individuals look for like advanced security, EMI conversion, personal loan against cash limit, etc. 

However, you need to satisfy certain basic eligibility criteria to avail of this card and may want to know in detail about the RBL SuperCard.

Many companies now also provide pre-approved offers on credit cards so that customers can enjoy a hassle-free application. Such offers are also available on personal loans and business loans. You can get access to these offers in a matter of a few seconds. All you have to do is provide your name and mobile number to check the pre-approved card offer.

Nevertheless, as a taxpayer, you must be aware of the difference between 16A and 16B, their legitimacy, and so on to ensure a smooth ITR filing.

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