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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.
The steps that need to be taken to download Form 16 from the authorized portal of the Income Tax Department are as follows:
1. The Income Tax Department has a website, which you may access here:
2. You may locate the "Income Tax Forms" option. It can be found beneath the "Forms/Download" section; select it.
3. Next, below "Form 16," you may choose between the "PDF" and "Fillable Form" options. Select the appropriate one by clicking on that option.
4. The form will be available for download on the following page.
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:
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:
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.
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:
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:
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.
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