Due Date for Furnishing Form 16 notified by CBDT; Revised/ Extended from 31 May 2017 to 15 June 2017
CBDT has issued Notification No. 42/2017 dt. 2 June 2017, i.e. Income Tax (10th Amendment) Rules, 2017, whereby the Due Date for Furnishing Form 16 has been revised/ extended from 31 May to 15 June.
Accordingly, from this year onwards, the Employers can issue Form 16 latest by 15 June each year without facing any penal consequences, e.g. in respect of Financial Year/ Previous year 2016-17, the Form No. 16 can be issued latest by 15 June 2017 (as the due date has been extended from 31 May 2017 to 15 June 2017).
It may be noted that Form 16 is the Annual Certificate of TDS on Salary (from April to March each year) issued by the Employer after end of the relevant Financial year. Form 16 basically provides details of salary earned and TDS thereon under the Income Tax. Presently, Form 16 is required to be issued latest by the 31st May following the Financial Year in which salary income has been paid and TDS has been deducted by the Employer.