What is Form 16? How to download Form 16 to file income tax return (ITR)

economictimes.indiatimes.com:

Form 16 is a certificate issued by an employer under section 203 of the Income-tax Act, 1961, which pertains to the deduction of tax at source (TDS) from the income earned as salary during a financial year. The employer provides it to show the tax deducted from the employee's salary, which is then deposited with the government against the employee's PAN. The TDS certificate contains a comprehensive overview of the salary amount disbursed to the employee and the tax that has been deducted from it. Additionally, if an employee chooses the old income tax regime and presents investment proofs, this information will be included in Form 16.

The employer must give the employee their Form 16 if the employer withholds taxes from the employee's salary.

ITR filing: What is the last date for issuing Form 16

Form 16 is issued annually after the end of the financial year and contains details of the salary paid to the employee and the taxes deducted at the source. This certificate is essential for filing income tax returns as it provides a comprehensive summary of the TDS for the financial year.

Also read: How to download Form 26AS to file Income Tax Return (ITR)

The deadline for providing Form 16 is June 15. Therefore, Form 16 that, is issued by this date, will include information about the salary income received, taxes withheld, and tax exemptions availed during the financial year 2023-24 (Assessment Year 2024-25).

What are the two parts in Form 16?

You must ensure that both Part A and Part B of Form 16 bear the TRACES (TDS