PRZOOM - /newswire/ -
Pune, Maharashtra, India, 2008/03/11 - E-Lock Technologies, a pioneer in the field of Digital Signature Technology, today announced the launch of instaTDS, one of its kind software, a simple & easy-to-use solution that helps any organization to issue digitally signed Form 16s.
E-Lock instaTDS solution saves time and efforts by automating the process of issuance of TDS certificates and reducing paper processing costs. Using this software the organizations can generate, sign and distribute all Form 16s at just a click of the mouse. The employees receive the soft copies of the Form 16s by email.
instaTDS is a web-based software; it is suitable for the large organizations and the payroll service providers, who have to issue a huge number of Form 16's.
What the law provides?
The Indian Information Technology Act 2000 recognizes the use of Digital Signatures as equivalent to Physical Signatures. Therefore, a digitally signed Form 16 has the same legal validity as a physically signed one.
In addition to this, as per Circular No. 2/2007 dated 21/5/2007 from the Income Tax Dept, "The Central Board of Direct Taxes have, therefore, in exercise of powers under section 119 of the Income-tax Act, 1961, decided for the proper administration of this Act to allow the deductors, at their option, in respect of the tax to be deducted at source from income chargeable under the head "Salaries" to use their digital signatures to authenticate the certificates of deduction of tax at source in Form 16…"
Further, Tax deductees are no longer required to file a copy of their Form 16 along with their returns to the Income Tax Dept. Hence the need for a paper-based Form 16 is eliminated
E-Lock Technologies (elock.com) a pioneer in Digital Signature Technology, offers state-of-the-art, legally compliant products & services to organizations & professionals. These solutions ensure that business processes become more secure, efficient and cost-effective. Digital Signatures provide authentication, non-repudiation, integrity and confidentiality for documents, content and transactions. E-Lock solutions seamlessly integrate with any existing application, software or workflow.