Form 16 is a document or certificate issued to salaried professionals in India by their respective employers under section 203 of the Income Tax Act of 1961. This form is one of the most important documents for filing Income Tax Return (ITR). This document or certificate confirms that TDS has been deducted or deposited with the authorities on behalf of the employee. If you also want to get complete information about what is Form 16, then in this article we are going to give you complete information.
If you work in a company and your annual income is more than the minimum exemption limit of income tax 2,50,000 then you have to deduct TDS from your salary and fill income tax and we need Form 16 only for filling income tax. This form is provided to you by your company or employer. With the help of this form, you can get complete information about TDS deducted from your account. In this you will also get information about the employer deducting TDS and if you what is Form 16? If you want to get complete information about this, then stay with us till the end.
What is Form 16
You must know about income tax that, when your salary is more than a minimum limit, then you have to pay income tax. This process is done by your company or employer. In this, the employer deducts tax from your salary and sends it to the government, which we call TDS. We add the information of TDS deduction and tax deposited with the government in Form 16.
Form 16 is a type of certificate in which the information of TDS deducted from your salary is added. This is proof that the TDS deducted from your salary has been properly deposited to the government, hence it is also called Salary/TDS certificate.
Form 16 is divided into two parts in which the first is Form 16A and the second is Form 16B.
What is Form 16A
This part contains complete information about your TDS. This is your tax filing certificate. It contains complete information of the employer deducting TDS such as name, address, pin number etc. It contains many more information related to your salary.
What is Form 16B
In this, your salary is calculated and the part on which tax is deducted, as well as all other exemptions are calculated. In this your transactions are also counted. The calculation of savings is also done under section 80C and many other information is calculated one after the other.
How to Download Form 16
The need to download Form 16 is very less as this form will be received from you, the organization in which you are working or from the employer of that place. Which you can fill and submit and for some reason you do not receive Form 16A and 16B from both of them, then you can download it from the official website of Income Tax www.incometaxindia.gov.in. Here you will get Form 16 in word format and Form 16 download in PDF both. Apart from this, you will get all the forms related to Income Tax here.
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If you are an employee of a company and your salary is more than the minimum exemption limit of income tax of 2,50,000 then this information is definitely important for you. Follow Google News APP.