Life Insurance - Kotak Life Insurance Company in India
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Kotak Assured Savings Plan

What is the Difference between Form 16 and Form 16A?

While Form 16 is related to the tax on salary income only, Form 16A is applicable for TDS on the income gained other than that of salary.

  • Feb 08, 2022
  • 790 Views

Criteria

Form 16

Form 16A

Definition

Certificate for tax deducted at source from salary

Certificate for tax deducted at source from other than salary

Eligibility

People earning regular income

Business professional or self-employed

Application

Dividends, interest on securities, etc.

Rent, commission, special charges, etc.

Online Verification

Can be done online

Can be done online

As a tax-paying individual, you know that TDS on salaries is deducted at the average rate on the estimated income computed according to the Income Tax Slab Rates. TDS on the rest of the incomes, like TDS on interest, TDS on rent, etc., are deducted at the chargeable rates as specified by the Indian Government. The number of TDS so deducted and deposited on all other payments except the salary earned by an individual falls under Form 16A.

Both Form 16 and Form 16A hold paramount importance when filing the tax returns begins. Though both these forms have several similarities, they also include differences that need to be understood to file accurate tax returns.

What is the difference between Form 16 and Form 16A

Both forms include the documents that income-earning individuals use as part of the process of filing an Income Tax Return in India. The Income Tax Act, 1961 and the Income Tax Rules of 1962 are the governing laws of the Income Tax Department of India.

Read on to comprehend the differences between both these forms.

Form 16

Form 16 is a deduction certificate for TDS certification on your salary. Certain considerations under this form include:

  • If your income from salary for the current financial year is more than the basic exemption limit of ₹2,50,000, your employer must deduct TDS on your salary and deposit it with the Government by the rules of the Income Tax Act.
  • If you have also disclosed your total income from other heads to your employer, they must also be considered under the total income for TDS deduction.
  • If your income falls below the basic exemption limit, your employer is bound not to deduct any TDS and thus does not have to issue Form 16.
  • If more than one employer has employed you during the current financial year, you must have more than one Form 16.

This certificate for TDS claims is for the employer to certify details pertaining to the salary you have earned during the assessment year and how much TDS has been deducted. It has two parts that are A and B.

Form 16A

Form 16 vs. Form 16A is a commonly asked question for taxpayers across the country. In simple terms, Form 16 is for TDS certifications, and Form 16A is only a part of the former. Form 16A is also a TDS deduction certificate. While Form 16 is related to the tax on salary income only, Form 16A is applicable for TDS on the income gained other than that of salary.

Form 16A shall be issued to an individual when a bank deducts TDS on their interest income from fixed deposits and other sources like TDS deducted on insurance commission, for TDS deducted on your rent receipts, etc. When the TDS is deducted on any other income you earn, it is eligible for TDS claims.

Details of Form 16 that are available under Form 26AS will only be TDS deducted by the employer. Understanding these forms is important and beneficial in filing your income tax return smoothly and effortlessly. With e-portals available, you can now verify the income details and how much TDS has been deducted and at what rates, even at the convenience of your home.

Download Brochure

Features

  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

Download Brochure

Features

  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

How To Invest In Guaranteed Return Plans For Higher Returns And Financial Security?

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

Home Investment Plan to Buy Dream Home

List of Important Income Tax FAQs

3 Tips to Buy Guaranteed Savings Plan

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

Importance of Savings Plan You Need to Know

Income Tax Deductions for Disabled Persons Under Section 80U

Income Tax Deductions Under Section 80C

Section 16 of the Income Tax Act (ITA), 1961

Tax Saving Tips: Best Ways to Save Income Tax for 2021

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

Tax Exemption and Scope of Coverage

What is Section 80C Deduction Limit?

What is a savings plan?

How to Get Form 16?

Understanding Tax Exemptions in ULIP (Old and New)

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

What is ITR 5 Form and How to File ITR 5?

Tax Season is Coming- Know How to Save Tax

Income Tax Exemption for Disabled

धारा 80सी आयकर अधिनियम, 1961

What is indirect tax and its types?

How to e file ITR on Income Tax Government Portal

How to create a savings plan and make good investment choices

ITR 2 Form – Complete Guide

How can I get Form 16B from traces?

Income Tax Deduction Under Section 80CCC In India

इनकम टैक्स रिटर्न कैसे फाइल करें?

8 Things to Help You Select a Savings Investment plan

How to File Form 16 for Salaried Employees?

Penalty For Late Filing TDS Return

What is the Difference Direct Tax and Indirect Tax

How to Check Income Tax Refund Status Online in India

Tax Benefit of Investing in Term Plan

धारा 80डी आयकर अधिनियम, 1961

Tax Saving Guide for 2019-20

What is Form 16B?

How to Boost Your Savings with Guaranteed Results

How to File Income Tax Return without Form 16

Tax-Free Income in India

How to View 26AS and Download Form 26AS Online

What is Section 80CCC of the Income Tax Act 1961

Presumptive Taxation for Business and Profession

5 Popular Tax-Saving Schemes in India

What is ITR & How to File Income Tax Return?

All You Need to Know About Section 80C

What are Deferred Savings Plans?

Income Tax Filing Using Multiple Form 16

Saving Income tax in 2017 - 18

All about TDS on Salary under Section 192 – Kotak Life

आयकर स्लैब 2021-2022

ITR-6: Guide to filing ITR-6 Form online

What is Salary Protection Insurance and Why You Need It

Should one prefer a guaranteed savings plan over monthly income schemes?

Tax Planning and Tax Benefits of Life Insurance

Why January Is an Important Month for Saving Tax?

Tax Structure in India

Pradhan Mantri Suraksha Bima Yojana

Section 44AD of Income Tax Act for AY 2021-22

Sub-sections Under Section 80C of the Income Tax Act, 1961

Budget 2019: Impact on the Common Man in India

What is Section 80C Deduction?

What is EEE in income tax? 5 tax-free investment options to become crorepat

Problems People Face with Tax Returns after a Job Change

TDS Due Dates of FY 2022-23 For Return Filing

Investing Lump Sum Amount

Do Beneficiaries Pay Taxes on Life Insurance?

How to save tax for salaried person?

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

What is the Maximum Maturity Benefit in Assured Savings Plans?

How to File TDS Return?

Financial Benefits and Government Schemes Every Woman in India Should Know

Save Income Tax by 31st March: Here Is a Checklist

Tax Saving Options other than Section 80C

When Should TDS be Deducted and Who is Liable to Deduct it?

Challan 280 - How to Use Challan 280 to Pay Income Tax

9 Income Tax Myths That Could Cost You Money while Filing returns

Can You Get Term Insurance Without Income Proof?

How Should I Allocate A Monthly Savings Plan For Long-Term Benefits?

Impact of GST on Life Insurance in India

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

भारत में महिलाओं के लिए सरकारी योजना

Income Tax Benefits for Doctors

Tax Saving for Self Employed in India

Best Savings plan for the middle class in India

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

Tax Deductions You MUST Know

How to Save Income Tax with Insurance

How can NRIs prevent double taxation in India?

Guaranteed Return Plans-Why is it a must for you?

Difference between Section 80C, 80CCC, 80CCD & 80D

What is Section 10D of the Income Tax Act?

Types of Income Tax Return (ITR) Forms

How to File Form 10E for Tax Relief on Salary Arrears?

How to create wealth through a savings plan?

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

What is the TDS Rate on Salary?

How to file Form 16 online?

How To Save Tax Using Life Insurance?

Tips to plan your savings in 2022

Money Saving Tips for Single Women

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

Tax Saving Options for Salaried Employees

What is Form 16A?

Difference Between Guaranteed and Assured Returns

How to Calculate returns on an assured savings plan?

TDS rules on the sale of jointly owned property

Excess TDS Deduction – Claim TDS Refund

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

What To Do If Your TDS Is Not Deposited With The Government?

Should you prefer a Guaranteed Savings plan over monthly income schemes?

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

How Do Assured Savings Plans Work and Why You Should Consider One?

Why Tax Planning Should Be an All-year Round Activity

Top 8 Tax-Saving Methods in India- Budget Planning

What is TDS Refund Process?

What is Section 80C - Explained in Detail

All You Need To Know About Assured Savings Plan

Section 80G of the Income Tax Act

Easy ways to make personal savings plans

How to Download Form 16?

Income Tax Filing For NRI in India

What is Tax Deduction at Source (TDS)?

Post Office Savings Scheme - All You Need to Know

Is PF Withdrawal Taxable for NRI?

Guide for Tax Calculation on your Salary

Section 80E: Tax Exemption on Interest on Education Loan

A Comprehensive Guide to Understand the ITR 7 Form

9 Unusual Investments you Didn't Know for Saving Taxes in India

How to Pay Advance Tax Online in India

Tax Benefits for Startups in India

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

Financial Planning and Best investment options for Housewives

What are the Different Types of Taxes in India?

How to Save Tax on Salary Arrears?

A Complete Guide for Filing ITR 3 Form

Section 80C Deductions as per Income Tax Act, 1961

Basics of Guaranteed Savings Plan

All about TDS Payment Online & Due Dates

E-Filing of Income Tax Returns in India

Insurance and Endowment: Everything You Need to Know!

What is Rule 132 of Income Tax? How Does it Affect You?

What Investment Options Come with Tax Incentives?

What is the difference between TDS and TCS?

Who Should Invest In Savings Plan

Things to Do After Filing Income Tax Returns

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

How to Check Income Tax Refund Status Online in India

Tax-Savings Investments and Options in India

How to Check Income Tax Returns Status Onine?

What is TDS Exemption Limit?

ITR 1: Sahaj Form

Are Financial Planning and Tax Planning the Same Thing?

How much gold can you keep at home? Limits and income tax rules explained

Interest Imposed Under Sections 234A, 234B and 234C

What is capital gains tax, and how it works?

All you need to know About Tax on Inheritance

Union Budget Highlights – 1st February 2022

How to File Income Tax Return for First Time Tax Payers

Types of Riders in Insurance Policy

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

What is TDS Slab?

How to File ITR Online

Income Tax Exemption for Physically Handicapped Dependent

Why is Form 16 Important?

Have You Considered Term Insurance a Part of Your Tax Planning?

How To Save Tax Better with 80C

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

How Much Money This Budget 2019 Can Help You Save

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

How to e-Verify your Income Tax Return

What is the Percentage of Tax Deducted at Source (TDS)?

How to File Income Tax Return - Everything You Need to Know

What is the Difference between Assessment Year (AY) and Financial Year (FY)?

What Is Advance Tax and How Is It Calculated?

What are Direct Taxes? How to Avoid being Overtaxed?

Tax Benefits of ULIP Plans Available for NRIs

What is Form 26AS - All You Need To Know

How to View 26AS and Download Form 26AS Online?

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax