MINISTRY MODIFIED TAX FORMS

The Finance Ministry has modified the format of certain Tax Deducted at Source (TDS) certificates (Form 16, 16A) and also Tax Collected at Source (TCS) certificate (form 27D). The separate space has been assigned for receipt acknowledgement number for quarterly statements of TDS and TCS as given to the filer by the Tax Information Network (TIN) facilitator or as the case may be by the NSDL Web site. The space for TDS circle has been dispensed with, as the TDS circle is now identifiable on the basis of TAN. The new forms specifically require the deductor and the collector to furnish payment wise / transaction-wise details for the tax deducted or collected and paid to the credit of the Central Government.