Form 16: Meaning, Benefits, and Download for FY 2025-26

2022-03-12

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Form 16 is a certificate given under Section 203 of the Income-tax Act of 1961 for tax deducted at source (TDS) from employment revenue generated during the fiscal year. It is given by the employer in exchange for the tax withheld from an employee's pay. The government receives the tax deduction and holds it against the individual's PAN.

The TDS certificate gives a thorough breakdown of the employee's wage payment and the tax withheld from it. Additionally, if an employee provides investment documents for deductions as per the old tax regime, Form 16 will incorporate that data. If taxes have been withheld from an employee's pay, the company must provide them with a TDS certificate.

How to Download Form 16 PDF Online?

The steps that need to be taken to download Form 16 from the authorized portal of the Income Tax Department are as follows:

The Income Tax Department has a website, which you may access here:
https://www.incometaxindia.gov.in/Pages/default.aspx
You may locate the "Income Tax Forms" option. It can be found beneath the "Forms/Download" section; select it.
Next, below "Form 16" you may choose between the "PDF" and "Fillable Form" options. Select the appropriate one by clicking on that option.
The form will be available for download on the following page.

Part A of Form 16:

In Section A of Form 16, you will find information regarding the PAN and TAN of the employer, as well as details regarding the number of TDS that were withheld and submitted each quarter.

The employer must offer authorization before issuing the certificate. If you change jobs, the new employer is required to furnish you with Form 16. Each new employer is required to provide Form 16.

The following is a list of Part A's primary elements:

Name and location of the employer
PAN and TAN of the employer
PAN of the worker
A description of the quarterly tax deposits and deductions

Part B of Form 16:

Part B of Form 16, which the employer must provide for the workers, comprises information on how the remuneration and deductions permitted under Chapter VI-A are broken down.

You must take Form 16 from both organizations if you change jobs during a fiscal year. Recently updated sections of Part B include some of the following:

Detailed salary breakdown
Exempted expenses under Section 10 are broken down in greater detail.

Eligibility for Form 16

Form 16 is available to you if you have received an income from which the payor has deducted a TDS amount. Form 16 will be available to both salaried employees and vendors of a company on whose income a TDS has been deducted.

If you have received income after TDS, you are eligible to receive a Form 16 even if your income is within the maximum exempt limit.
You don't need to complete Form 16 if you do not need to file a tax return. However, companies provide certificates to keep track of their employee's wages.

Information from Form 16 You will Need to File ITR

When completing your ITR, you must include a few specific pieces of information. These specifics are on Form 16. These are a few of them:

Amounts exempt from taxation under Section 10
A breakdown of the deductions allowed by Section 16
taxable income
Earnings (or allowable losses) from residential property that an employee has acknowledged and submitted for TDS
Income provided for TDS under the heading "Other Sources"
Section 80C deductions (broken down)
Amount of all Section 80C charges
Taxes that must be paid or an expected refund

How to Check your Form 16?

Whether you are a salaried employee or a vendor serving an organisation you should check your Form 16 regularly if TDS applies to your income. Here’s how you can check your Form 16:

The employee must verify that all the information is accurate after they get Form 16 from the company.
It is important to double-check the information on Form 16—such as the income earning, TDS deductions, etc.
One should get in touch with the organization's HR, payroll, or finance director very quickly to get any wrong information fixed.
The employer would then make the necessary corrections by submitting a new TDS return to refund the TDS payment against the proper PAN. The company will provide their employee with a corrected Form 16 after processing the new TDS return.

Form 16 is a very significant document that must be kept safe in a secure location. If you cannot locate your Form 16, though, you may always check your mailbox. If your company provided you with a physical copy of the form and you misplaced it, you can ask your company to provide you with another copy of the form.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised to exercise their caution and not to rely on the contents of the article as conclusive in nature. Readers should research further or consult an expert in this regard.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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