• Source:JND
Add as a preferred

It's finally time to file an Income Tax Return ( ITR ). The last date to file the ITR for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. Meanwhile, Form 16 is very important for a salaried person while filing an ITR. Experts also advise that the taxpayer should not file the return without Form-16.

Form-16 also works as a TDS Certificate and also as an evidence of the TDS deducted by the employer. According to Income Tax rules, it is mandatory for all companies to issue Form-16 to their employees. Companies have to issue this form within the time given by the Income Tax Department.

What Is Form 16?

Form-16 contains information about tax deducted from the employee's salary and tax exemption. This information is for an entire business year. This form has two parts- A and Part B.

ALSO READ: No Action For Short Deduction Of TDS, If PAN Linked With Aadhaar By May 31: IT Department

Part A of the form contains the PAN of the employee and the TAN number of the company along with information about TDS deducted in the financial year. While, Part B contains information related to the employee's salary, allowances, HRA, and special allowances. It also contains information about the facilities provided by the company.

How To Download Form 16 A Online:

- Visit the website of the Income Tax Department https://www.incometaxindia.gov.in/Pages/default.aspx

- Go to Form Download.

- Click on the Income Tax Form tab.

- Select Form 16 in Frequently Used Forms.

- Select the financial year for which Form 16 is required.

- Select the PDF option under Form 16. The form will be downloaded in the next window.

Form 16 Issued To These Employees

According to the Income Tax Department, companies have to issue this form every year before June 15. The company issues this form for those employees who are currently working in the company or have worked in the last business year.