New Delhi: Form 16 is a crucial document provided by employers to their employees, outlining the TDS (Tax Deducted at Source) deductions from their payments. It serves as a comprehensive guide for filing income tax returns and is mandatory for employers to issue at the end of each financial year.
According to the Income Tax Act, employers are required to deduct TDS from employee salaries based on the applicable income tax slab rates for the specific financial year. Form 16 acts as proof of the TDS amount deducted and deposited with the Income Tax department, playing a vital role in the income tax filing process.
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Who Issues Form 16?
The employer issues it for the tax deducted from an employee’s salary. The tax deducted is deposited with the government against the employee’s PAN.
The TDS certificate provides a detailed summary of the salary amount paid to the employee and the tax deducted on the same. Further, if an employee opts for the old income tax regime and submits investment proofs, then such information will be reflected in Form 16.
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Form 16 Part A And Part B:
Form 16 consists of two parts: Part A and Part B. Part A includes essential details such as the employer’s name, address, TAN, and PAN, along with the employee’s PAN and a summary of quarterly tax deductions certified by the employer. Part B provides detailed salary particulars and deductions claimed by the employee.
How To Download Form 16 For Salaried Employees:
Step 1: Go to the official website of the Income Tax Department by visiting https://www.incometaxindia.gov.in/Pages/default.aspx.
Step 2: Locate the ‘Forms/Download’ section on the website and click on the ‘Income Tax Forms’ option.
Step 3: Scroll down the page until you come across the Frequently Used Forms section. Look for ‘Form 16’ within this section.
Step 4: In the options available for Form 16, you will find ‘PDF’ and ‘Fillable Form.’ Choose the option that suits your needs.
Step 5: Click on the relevant option, and you will be directed to the next page where you can download Form 16.
