WHAT IS A FORM 16?
Form 16
Form 16 is an income tax form used by firms to give their employees information on the tax deducted. Form 16 is considered as the proof filing of income tax returns by your employer to the government. For example, if your income is more than the tax exemption limit, then the employer is required to deduct TDS on your salary and submit it to the government. If your salary income is less than the tax exemption limit, then in that case the employer will not deduct any TDS. When the employer provides the Form 16, it means that your employer has filed your income tax returns. The form can also be considered as your salary TDS certificate.
Simply, the Form 16 certifies how much an employee has earned during a financial year and how much has been deducted as TDS. The form has two parts — Part A and Part B.
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LATEST UPDATES ON FORM 16
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Common ITR form will make tax-filing easier, reduce time taken, say experts
Its success, however, will hinge on the quality of online utilities launched along with it| November 02, 2022, Wednesday -
SpiceJet deposits TDS, Form 16 to be issued to staff in a fortnight
Airline says significant portion of PF contributions of all employees is also being credited and the remaining amount will be ...| October 07, 2022, Friday -
How to file ITR-2 online with salary income, capital gains for FY22
Individual taxpayers not having business or professional income can use this form| July 15, 2022, Friday -
ITR: 5 common mistakes you should avoid while filing your income tax return
The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, ...| July 13, 2022, Wednesday -
Five key benefits of filing your income tax return by the due date
Filing ITR is mandatory in order to claim deductions under Chapter VI and exemptions on long-term capital gains; but there are ...| July 12, 2022, Tuesday -
Explained: What is Form 26AS and why is it important for filing ITR
A Form 26AS contains all tax-related information of a taxpayer such as TDS, TCS, advance tax paid by the assessee, ...| July 12, 2022, Tuesday -
Have Form 16 from two employers? Be careful not to claim tax benefits twice
A mistake in calculating tax liability could lead to a notice from the tax department| June 29, 2022, Wednesday -
Missed declaring rental to employer? Claim HRA exemption while filing ITR
Keep rent receipts that serve as proof handy should taxmen come calling| June 27, 2022, Monday -
ITR 2022-23: How to fill your income tax return for this assessment year?
Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23| June 23, 2022, Thursday -
Compare Form 16 with 26AS before filing income-tax return: Experts
Report any discrepancy between the two documents to the employer immediately and get it rectified| June 16, 2022, Thursday
