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-A: This form provides a summary of the tax that is collected by the employer. Ultimately, this is on behalf of the employee.
  • Form 16-B: This form acts as a consolidated statement and includes details such as deductions, the salary that is paid, and other income.

When Is Form 16 Needed?

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:

  • Form 16 helps in the e-filing process when it comes to income tax returns
  • It also provides proof that your employer or company has deducted a certain amount of tax from your salary and has deposited the deducted amount to the government.
  • Form 16 is also requested by financial institutions, banks, and lenders when you want to avail any type of credit.

How To Download Form 16?

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.

Filing ITR With 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.

  • Income from house property provided for TDS
  • Taxable salary
  • Allowances exempt under Section 10 of the Income Tax Act
  • Income from other sources provided for TDS
  • Refund due
  • Breakup of deductions under Section 80C, 80CCC, 80CCD(1), 80CCD(1B), 80CCD(2), 80D, and 80E.
  • Breakup of deductions under Section 16 of the Income Tax Act
  • Aggregate deductible amount under Section 10(a), 10(b), 10(c), 10(d), 10(e), 10(f), 10(g), 10(h), 10(i), 10(j), and 10(l).
  • TAN and PAN number of the employer
  • Name of the employer
  • Address of the employer
  • Present assessment year
  • Tax deducted by the employer

In A Nutshell

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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