Amended and updated notes on section 203 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Certificate for tax deducted.
Chapter XVII (Sections 190 to 234G) of the Income Tax Act 1961 deals with the provisions related to collection and recovery of tax. Section 203 of IT Act 1961 provides for Certificate for tax deducted.
Recently, we have discussed in detail section 202 (Deduction only one mode of recovery) of IT Act 1961. Today, we learn the provisions of section 203 of Income-tax Act 1961. The amended provision of section 203 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 203 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-203: Certificate for tax deducted
Section 203(1) of Income Tax Act
Every person deducting tax in accordance with the foregoing provisions of this Chapter shall, within such period as may be prescribed from the time of credit or payment of the sum, or, as the case may be, from the time of issue of a cheque or warrant for payment of any dividend to a shareholder, furnish to the person to whose account such credit is given or to whom such payment is made or the cheque or warrant is issued, a certificate to the effect that tax has been deducted, and specifying the amount so deducted, the rate at which the tax has been deducted and such other particulars as may be prescribed.
Section 203(2) of Income Tax Act
Every person, being an employer, referred to in sub-section (1A) of section 192 shall, within such period, as may be prescribed, furnish to the person in respect of whose income such payment of tax has been made, a certificate to the effect that tax has been paid to the Central Government, and specify the amount so paid, the rate at which the tax has been paid and such other particulars as may be prescribed.
The Income-tax (26th Amendment) Rules, 2021
FORM NO. 16
[See rule 31(1)(a)]
PART A
Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source on salary paid to an employee under section 192 or pension/interest income of specified senior citizen under section 194P
Certificate No. | Last updated on | |||
Name and
address of the Employer/Specified Bank | Name and
address of the Employee/ Specified senior citizen | |||
PAN of
Deductor | TAN of the
Deductor | PAN of the
Employee/ specificed senior citizen | Employee
Reference No./ Pension Payment order no. provided by the Employer (If
available) | |
CIT (TDS) Address…………………………… …………………………………….. City…………………………………. Pin
code………………… | Assessment Year | Period with
the Employer | ||
From | To | |||
Summary of
amount paid/credited and tax deducted at source thereon in respect of the
employee | ||||
Quarter(s) | Receipt
Numbers of original quarterly
statement of TDS under sub
section (3) of Section 200 | Amount paid/ credited | Amount of tax
deducted (Rs.) | Amount of tax
deposited/ remitted (Rs.) |
Total (Rs.) | ||||
Form No. 16 substituted w.e.f. 2-Spet-2021 by the Income-tax (26th Amendment) Rules, 2021 vide Notification No. 99/2021, G.S.R. 612(E) dated 02.09.2021.