What is Form 16 ?
Form 16 certifies that the TDS (Tax Deducted at Source) has been deducted on salary by the employer. It has two parts, Form 16 Part A and Form 16 Part B.
What are the Important Components ?
Refunds or balance of taxes payable
• TAN, PAN details of the employer
• Details of tax payment
• Personal details of the employee
• Taxes deducted
• Salary details
• TDS receipt
What are components of Part A of Form 16 ?
• PAN and TAN of employer
• PAN details of employee
• Employer name and address
• Tax deducted
What are components of Part B of Form 16 ?
• Part B is an annexure to Part A
• Relief under section 89
• Detailed breakup of salary
• Deductions allowed under I-T Ac
Common FAQ's
1. What is Income from salary?
Amount received by the taxpayer from employment is taxable as Income from Salaries and includes basic salary, wages etc.
2. From where to get Form 16?
Given by employer when he deducts TDS on salary paid.
3. Where to get Form 16 of previous years?
Request the employer to issue the same
4. What if misplaced the original one?
Ask for a duplicate Form 16 from your employer.
5. Who are eligible for Form 16?
Every salaried individual who has a taxable income and tax has been deducted at source by the employer is eligible to receive the Form 16.
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