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Form 16

About Form 16

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What is a 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.
The part A consists of PAN, TAN details, name, address, TDS deducted and other details of the employee and employer.
 
The part B consists of details such as other incomes, deductions, tax payable, salary paid, etc. The form is generally issued by the employer every year on or before 15th June.
 

What are the components of Form 16?

• Refunds or balance of taxes payable
• TAN, PAN details of the employer
• Details of tax payment
• Personal details of the employee
• Taxes deducted according to section 191A
• Salary details
• TDS receipt
 

Part A of Form 16

Part A is issued by the employer.
 
• PAN and TAN of employer
• PAN details of employee
• Employer name and address
• Tax deducted and deposited quarterly
 

Part B of Form 16

• Part B is an annexure to Part A
• Relief under section 89
• Detailed breakup of salary
• Deductions allowed under I-T Act

Latest Updates on Form 16

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Updated On: 02 Nov 2022 | 3:21 PM IST

Airline says significant portion of PF contributions of all employees is also being credited and the remaining amount will be released shortly

Updated On: 07 Oct 2022 | 6:20 PM IST

Individual taxpayers not having business or professional income can use this form for Income Tax Returns

Updated On: 17 Jul 2022 | 9:35 PM IST

In ITR, taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen

Updated On: 13 Jul 2022 | 9:54 AM IST

Filing ITR is mandatory in order to claim deductions under Chapter VI and exemptions on long-term capital gains; but there are other benefits you need to know about

Updated On: 12 Jul 2022 | 5:02 PM IST

A Form 26AS contains all tax-related information of a taxpayer such as TDS, TCS, advance tax paid by the assessee, self-assessment tax payments, details about income tax refunds, and other details

Updated On: 12 Jul 2022 | 6:00 AM IST

A mistake in calculating tax liability could lead to a notice from the tax department

Updated On: 29 Jun 2022 | 11:27 PM IST

Keep rent receipts that serve as proof handy should taxmen come calling

Updated On: 27 Jun 2022 | 11:39 PM IST

Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23

Updated On: 23 Jun 2022 | 4:09 PM IST

Report any discrepancy to your employer and get it amended

Updated On: 16 Jun 2022 | 10:32 PM IST

The government had extended the date of filing income tax returns for AY22 to December 31, 2021, from July 31, 2021

Updated On: 27 Dec 2021 | 11:17 PM IST

Here's all that you know, and you don't know, about Form 16, TDS certificate, Form 16 part A, Form 16 part B, Form 26AS, Income Tax portal, and things to remember as a taxpayer

Updated On: 27 Sep 2021 | 10:22 AM IST

The last date for issuing Form 16 extended till July 31

Updated On: 18 Jul 2021 | 7:25 PM IST

Taking excess credit during ITR filing could lead to notice from tax dept

Updated On: 22 Jun 2021 | 6:10 AM IST

The estimation poses some practical challenges and also makes it difficult to assess tax liability

Updated On: 01 Jul 2020 | 11:16 PM IST

If deductions are claimed while filing returns, there could be queries from tax officials

Updated On: 18 Apr 2019 | 12:23 AM IST

The amended form will come into effect from May 12, 2019. This means the income tax returns for financial year 2018-19 will have to be filed on the basis of revised Form 16

Updated On: 17 Apr 2019 | 11:52 AM IST