Income Tax return (ITR) filing 2024: What is Form 16, when is issue date and why is it crucial? — Explained
Income Tax Returns (ITR) for salaried individuals. It contains the tax deducted from the salary during a financial year and deposited with the government.
This includes information about the employee's PAN (Permanent Account Number), the employer's TAN (Tax Deduction and Collection Account Number), salary income, deductions under various sections of the Income Tax Act, and the tax deducted at source (TDS).
Form 16 serves as proof of the TDS deducted by the employer, facilitating the accurate filing of employee income tax returns.
Form 16 is typically issued by employers to their employees on or before June 15. -Permanent Account Number (PAN) or Aadhaar of deductee -Tax Deduction and Collection Account Number (TAN) of the deductor details TDS deducted and deposited quarterly -Book Identification Number if tax is deposited by the Govt.
Office without production of challan -Challan Identification Number in case of payment through bank Form 16-B summarises the employee's income, showing their salary details and deductions approved under Chapter VI-A. It's an attachment to Part A and is prepared by the employer.
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