Form 16 – An Overview
Form 16 is a certificate issued by an employer to its employees, providing details of the salary paid and the tax deducted at source (TDS) during the financial year. It serves as a crucial document for salaried individuals while filing their Income Tax Returns (ITR) and claiming tax credits. Form 16 acts as proof of TDS deduction and includes income details, deductions claimed, and tax paid.
Proof of Tax Deduction:
Form 16 certifies the TDS deducted by the employer and deposited with the Income Tax Department.
Required for ITR Filing:
Essential document for salaried employees to accurately file their Income Tax Returns.
Shows Salary Breakup:
Includes salary components, exemptions, deductions under section 80C, 80D, and total tax liability.
Documents Required to Get Form 16
The following documents or details are generally required to receive or verify Form 16:
PAN Card
Aadhaar Card
Salary Slips (Optional, for cross-verification)
Employer Details (Name, TAN Number)
Bank Account Details (for salary credit verification)
Previous Employment Form 16 (if applicable)
Form 16 Issuance Timeline
As per Income Tax rules, employers are required to issue Form 16 to their employees on or before 15th June following the financial year-end (31st March). Filing early helps avoid last-minute hassles during tax season.
Frequently Asked Questions
- What is Form 16?
- Is Form 16 mandatory for filing ITR?
- When will I receive my Form 16 from employer?