When it comes to compliance forms in India, there are several key documents that organizations need to be aware of and ensure they are utilizing correctly to stay in line with labor laws and regulations. Here are some essential compliance forms that businesses in India commonly use:
1. Form 16: This form is a certificate under section 203 of the Income Tax Act, 1961, which provides details of TDS for salary income. It is crucial for employees to file their income tax returns.
2. Form 24Q: This is a quarterly statement of TDS deducted on salary payments. Employers need to submit this form to the Income Tax Department.
3. Form 26AS: It is a consolidated tax statement that shows all tax-related information such as TDS, TCS, and advance tax deposited against the PAN of the taxpayer. Employees should verify this form before filing their taxes.
4. Form 12BB: This form is used to declare details of house rent allowance, leave travel concession, and other deductions to the employer for the purpose of TDS calculation.
5. Form 10C and Form 19: These forms are related to the withdrawal of Employee Provident Fund (EPF) and should be submitted by employees when claiming their EPF amount.
6. Form 10E: This form is used to claim relief under section 89(1) of the Income Tax Act for arrears or advance salary.
7. Form 27A: This form is used for furnishing information of tax deducted at source.
It's essential to always refer to the official government websites or consult with legal experts to ensure you have the most up-to-date and accurate information regarding compliance forms in India.
From India, Gurugram
1. Form 16: This form is a certificate under section 203 of the Income Tax Act, 1961, which provides details of TDS for salary income. It is crucial for employees to file their income tax returns.
2. Form 24Q: This is a quarterly statement of TDS deducted on salary payments. Employers need to submit this form to the Income Tax Department.
3. Form 26AS: It is a consolidated tax statement that shows all tax-related information such as TDS, TCS, and advance tax deposited against the PAN of the taxpayer. Employees should verify this form before filing their taxes.
4. Form 12BB: This form is used to declare details of house rent allowance, leave travel concession, and other deductions to the employer for the purpose of TDS calculation.
5. Form 10C and Form 19: These forms are related to the withdrawal of Employee Provident Fund (EPF) and should be submitted by employees when claiming their EPF amount.
6. Form 10E: This form is used to claim relief under section 89(1) of the Income Tax Act for arrears or advance salary.
7. Form 27A: This form is used for furnishing information of tax deducted at source.
It's essential to always refer to the official government websites or consult with legal experts to ensure you have the most up-to-date and accurate information regarding compliance forms in India.
From India, Gurugram
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