Form 16 is a certificate that is issued by the employer. This form is then submitted to the Income Tax department. The employer issues this form under Section 203 of the Income Tax deducted at source. In essence, Form 16 contains information about how much tax the employer has deducted and information regarding when the deductions were submitted to the Income Tax department.
In case you have switched between jobs in any year or have worked with different employers during the same time, it is most likely that TDS was deducted at each of these sources. If that is the case, then you should obtain a different Form 16 from each of these employers.
Any salaried individual whose tax has been deducted by the employer at the source will be eligible to get Form 16. Regardless of whether your income falls under the bracket of tax exemption or not, you will be eligible to obtain Form 16. There are 2 main types of Form 16:
Form 16 is needed to file your Income Tax Returns. Deductors of TDS should submit the TDS amount on or before the 7th of every month throughout the year. Form 16 is needed for the following reasons:
The first step of getting your hands on Form 16 is to download it. Here is how you can download Form 16 in a simple manner. All you have to do is follow these 5 steps.
Step 1: First, you have to visit the official website of the Income Tax Department. You can do so by clicking here.
Step 2: Once you land on the website, you will find a section named “Forms/Download”. Under this section, you will then find an option named “Income Tax Forms”. Click on this option.
Step 3: The next step is to locate the “PDF” and “Fillable Form” options that will be displayed under the “Form 16” option.
Step 4: Then, click on the relevant option.
Step 5: On the next page, your Form 16 will be available for download. The final step is to download your Form 16.
This section explains how to file ITR with Form 16. The process is fairly simple and can be completed by filling in your information. Here are some details that you should keep handy.
Form 16 is an important aspect to understand as it is crucial to file your income tax returns. There are 2 main types of Form 16 that have different purposes. You can also download Form 16 from the official website of the Income Tax Department in a simple manner. Ultimately, make sure that you have all of the required information ready so that you can complete filing your income tax returns in a simple and hassle-free manner.
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