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Is it necessary to have Form 16?
Form 16 is an important document which is to be mandatorily issued by all employers to their employees. It is basically a TDS certificate that enlists the employee’s taxable income and deductions. It is a vital document for employees to file their returns.
What happens if I dont file Form 16?
Even if you don’t have Form 16, there are several documents such as salary slips, Form 26As etc. you can use as a reference to file your income tax return (ITR). Follow this guide to know how you can easily your ITR without having your Form 16 from your employer.
What do we need for Form 16?
Form 16 contains the information needed to prepare and file your income tax return. It shows the breakup of salary income and the TDS amount deducted by the employer. It has two components – Part A and Part B (discussed in detail below).
What we can do with form 16?
Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers.
When can I fill form 16?
15th June
Form 16 is issued once in a year to an employee, on or before 15th June of the year immediately following the Financial Year in which Income tax is deducted.
Who can issue Form 16?
Any salaried person whose tax has been deducted by the employer at source, is eligible to get Form 16. Irrespective of the fact whether your income falls under the tax exemption limit or not, the employer must issue a Form 16 if s/he has deducted tax at source.
What is the salary limit for Form 16?
Rs. 2,50,000
The employer or the entity that deducts your Tax Deducted at Source (TDS) is legally bound to issue Form 16 by May 31. Employees with an income of less than Rs. 2,50,000 for the Financial Year, are exempted from income tax.
What is the significance of form 16?
The form 16 is important for both the employer and employee. The form-16 is the main document to file income tax return. It is the proof of tax deduction by the employer. It is also used as the proof of income. Form 16 is needed while processing visas.
How to get a form 16?
Employers can issue Form 16 in print or in soft copy downloaded from their account on the TRACES website. Your employer can also guide you to any outsourced online payroll platform, from where you can download your Form 16. In case you have lost your Form 16, you can always ask for a duplicate copy from your employer.
Where to upload form 16?
Visit myitreturn.com. There are 2 options provided,viz.
How to download form 16?
The document is typically issued by your employer for the current financial year and reflects the total earnings and income taxes applicable for that financial year. You can download the form from the online website of the Income Tax department as well. This form is available in the PDF format, which can be printed. How to Download Form 16?