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Form 16 Download

Form 16 is a form issued by the employer to the employees, this act as proof that TDS has been deducted and deposited with the tax authorities on the employee’s behalf. In this article, we will discuss all the important aspects of Form-16.

 

 

1. Basics of Form-16

As we have discussed above Form-16 is a certificate that is issued by the employer on or before 15th June, after the Financial Year ends. Form-16 contains two parts and they are Part-A and Part-B.

Note: If an employee loses Form-16 he can request a duplicate Form-16.

2. Part-A of Form 16

Using the TRACES (https://www.tdscpc.gov.in/app/login.xhtml) portal an employer can generate and download Form-16 TRACES. The employer shall cross-validate the contents of the Form-16 before issuing the certificate. This shall be noted that if you change your job in between one financial year, a separate Part A of Form-16 will be issued by the employer for the period of employment. The major components of Part A of Form 16 are:

  1. Name and Address of Employer
  2. TAN of employer
  3. PAN of employer
  4. Employee’s PAN
  5. Certified amount of tax deducted & deposited quarterly by the employee

3. Part-B of Form 16

Form 16 Part B is a Part A annexure. Furthermore, it shall be noted, in case if you switch your job in between the financial year then you can ask the Form 16 Part-B from both the employer or from the previous employer. The major components of Form 6 Part-B are:

  1. Detailed Salary Breakup
  2. Detailed exempted allowances breakup u/s 10
  3. Income tax deduction allowed as per chapter VIA of Income Tax Act.

Here are the fields that are notified for deductions:

  • The life insurance premium paid, contribution to PPF etc., U/S 80C
  • Contribution to PF U/S 80CCC
  • Employee’s contribution to pension scheme U/S 80CCD (1)
  • Contribution to the notified pension scheme by taxpayer U/S 80CCD (1B)
  • Employer’s contribution to the pension scheme under section 80CCD (2)
  • The health insurance premium paid U/S 80D
  • Interest on the loan taken for higher education U/S 80E
  • Total Donations to certain funds or charitable trusts U/S 80G
  • interest on deposits in savings account U/S 80TTA
  1. Relief U/S 89

4. Form 16 details required for filing Income Tax Return

Here is the list of details that must be taken from the Form-16 to File Income Tax Return:

  1. Exempted allowances as per section 10
  2. Deductions breakup U/S 16
  3. Income under the head salary
  4. Income/admissible loss from the employee’s house property offered for TDS
  5. Other sources income that is offered for TDS
  6. Section 80C Deductions breakup
  7. Section 80C Deductions aggregate
  8. Refund due or tax payable

Other Information that can be used too at the time of filing ITR

  1. Amount of TDS deducted by the employer
  2. Employer’s TAN details
  3. Employer’s Name and Address
  4. Employer’s PAN details
  5. Current Assessment Year
  6. Name and Address of the taxpayer
  7. PAN of taxpayer

 

Form 16 Download