Income Tax Form 16 is a certificate from your employer. It certifies that TDS has been deducted on your salary by the employer. If an employer deducts TDS on salary, he must issue income tax Form 16 as per tax rules of India. Form no 16 is issued once in a year, on or before 31st May of the next year immediately following the financial year in which tax is deducted.
One of the most important income tax form is Form 16. It contain most of the information you need to prepare your income tax return in India. Form 16 has two parts Part A and Part B.
1 .Taxable Salary
2 Breakup of Section 80C Deductions
3 Aggregate of Section 80C Deductions(Gross & Deductible Amount)
4 TDS (Tax Deducted at Source)
5 Tax Payable or Refund Due
1 TDS Deducted by Employer
2 TAN of Employer
3 PAN of Employer
4 Name and Address of Employer
5 Current Assessment Year
6 Your (Taxpayer’s) Name and Address
7 Your PAN
Our software automatically picks up all the relevant information from your Form 16 and prepares your tax return. No need to enter anything manually.
Changed jobs during the year? Don’t worry if you have more than one Form 16. Upload them on ClearTax and watch your income tax return get prepared automatically. Learn more about multiple Form 16 uploads here
You can get your Form 16 from your employer. Even if you have left your job, your employer will provide you a Form 16. Unfortunately, this income tax form 16, cannot be downloaded from anywhere.
TDS certificate in Form 16 is issued when TDS has been deducted. In case no TDS has been deducted by the employer, he may not give you a Form 16.
Take a look at our Guide on how to e-file without form 16
Any person responsible for paying salaries is required to deduct TDS before making payment. The Income Tax Act lays down that every person who deducts TDS from a payment, must furnish a certificate with details of TDS deducted & deposited. An employer in specific, is compulsorily required to furnish a certificate, in the format of Form 16. Read More
While the onus of deducting tax on salaries and providing Form 16 is on the employer; the onus of paying income tax and filing income tax return is on you. If your income from all sources is above the minimum tax slab you are required to pay tax, whether or not your employer deducted TDS. Even when he fails to issue you a Form 16, you must file an income tax return.
With clearTax, you can file your returns even if you don’t have a Form 16. Ask a CA for help rightaway!