Exemptions such as HRA, conveyance allowance, medical allowance, etc. Gross salary with details of basic salary, dearness allowance, house rent allowance, provident fund contributions, any other allowances, TDS, professional tax, etc. It is a detailed account of your salaried income, the different components, the deductions, and exemptions claimed, and the final tax paid. The period of your employment with the employerįorm 16 Part B breaks down the computation of the tax paid. The TDS amount that has been deducted every quarter, as well as details such as the dates of deposit, bank details through which TDS was made, the challan serial number for each transaction, etc. Employer details like the name of the company, Tax Deduction Account Number (TAN), and their PAN number. your personal details like name, residential address, and Permanent Account Number (PAN) 16 has two parts – Part A and Part B.įorm 16 Part A contains details about the TDS deducted directly from your salary and paid to the government. The Income Tax Department of India has a pre-decided Form 16 format.įorm no. Since Form 16 is an income tax document, it has a format. You will then have to collate the income, TDS, and tax-savings investment or deductions from multiple Form 16 in order before you can calculate income tax online and file your ITR correctly. In case you have switched jobs during the financial year, then you will get Form 16 from all your employers during that year. Form 16 is usually issued to employees latest by the 15th of June every year. 
These are the key details that the employee needs to file their income tax returns.Īccording to the Income Tax Act of 1961, it is mandatory for employers to provide Form 16 to employees who draw an annual income of more than Rs. This document contains details of income earned by an employee, the tax-saving investments and deductions that were availed as well as any tax deducted at source (TDS) for the applicable Financial Year. What is FORM 16?įorm 16 is an annual tax document issued to salaried individuals by employers. For salaried individuals, one of the most important documents needed to file taxes is Form 16. It’s that time of the year when you have to go about collecting different proofs of income and your expenses so you can file your taxes.
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