Form 16 and how to get it

0
326
Form 16 n
form 16 n

Form 16 is a certificate that is issued under section 203 of the Income Tax Act, for TDS deducted from salary. It is a record of the TDS deducted from the salary of the employee by the employer. It is also known as Salary Certificate, as it contains all the details related to the salary of the employees. Form-16 is issued by the employer even when any tax is not deducted from the salary of the employee.

Download Click Here and use our Android App to file Income Tax Return

Why is Form 16 required?

Since Form-16 contains the detailed information of a taxpayer’s salary and the tax paid by him/her, a taxpayer is required to provide the salary and TDS details while filing Income Tax Return, that’s the reason why you a taxpayer needs Form 16.

Download Click Here and use our IOS App to file your Income Tax Return

It is one of the most important document while filing Income Tax Return. It is also accepted by many financial institutions as a proof of income during transactions related to loan etc. Form 16 is also used to verify, whether the correct amount of taxes have been deposited to the Government or not by comparing the amount that is mentioned on the Form 26AS. It also acts as a proof that tells you that the correct taxes have been deducted from the salary and deposited to the Government of India.

Filing Income Tax Return

How can someone get Form 16?

Many taxpayers think that they can download Form-16 from the official TRACES Website, by using their number, but let us inform you that it is a misconception that many taxpayers have. You can only get your Form-16 from your employer.

Form 16 is generally divided into Part A and Part B. Part A of Form 16 contains the details of Tax Deducted at Source. Hence Form-16 becomes proof of the TDS deducted by the employer from the salary of the employee and paid to the government account.

Part B of Form 16 contains the details of salary paid, other income, tax due and tax paid.

All India ITR Login | Start Filing Income Tax Return

LEAVE A REPLY

Please enter your comment!
Please enter your name here