If you are a salaried alone and if your bacon is in the taxable assets bracket, you charge to aggregate your Form 16 from your employer for the purpose of filing your assets tax allotment (ITRs). Form 16 plays a basic role in authoritative your job of filing I-T allotment simpler and easier.
So, What Is Form 16?
In simple terms, Form 16 is an assets and tax certificate. It provides capacity about the bacon becoming by you in the antecedent banking year and how abundant tax was deducted at antecedent from your assets by your employer.
It acts as a affidavit that tax was deducted from your bacon and paid to the government. It contains all the advice you charge to book your assets tax returns. Hence, accession it from your employer is all-important to book your returns.
However, if no tax is deducted from your bacon by your employer during the antecedent banking year, your employer may not affair you a Form 16. But you can still go advanced and book your returns.
When And How Can You Aggregate Form 16?
Generally, your employer will affair you Form 16 on or afore the mid of June in the aing banking year for tax deducted at antecedent in the antecedent banking year. If your employer fails to affair you Form 16, you can appeal for the aforementioned at the earliest.
If you accept afflicted jobs in the antecedent banking year, you can aggregate Form 16 from all the administration and book your returns.
Form 16 Has Two Parts
Part A Of Form 16
It has capacity about the TDS deducted from your bacon by your employer and paid to the government. It contains the afterward details:
Part B Of Form 16
This is an annexure annual bacon paid, deductions, absolute taxable income, TDS, tax due or paid, or any rebate. In added words, it computes your tax accountability or acquittance afterwards demography all income, deductions, TDS into account.
It contains the afterward details:
Form 16 And Form 16 A: What’s The Difference?
Form 16 is issued back tax is deducted from antecedent on assets beneath the arch ‘salaries’. On the added hand, Form 16 A is issued back tax is deducted at antecedent from any assets added than salary. This assets added than bacon can be hire of building, commission, interest, amid others. Both the forms are all-important to book I-T returns.
Once you accept accustomed your Form 16, you can artlessly go online to book your return. You can booty advice of tax-filing websites, area you aloof charge to upload your Form 16 and they will acceptation all the abstracts appropriate and book the returns. You can additionally book your allotment by logging in in the tax filing website and afterward the due process.
In case you do not accept Form 16, you can still book your allotment by downloading Form 26As as able-bodied as by accretion your assets and taxes paid with the advice of your bacon slip. Form 16 is about acclimated to compute how abundant tax you accept paid and the bulk due.
The biographer is CEO, BankBazaar.com.
BankBazaar.com is a arch online exchange in India that helps consumers yze and apply for acclaim card, personal loan, home loan, car loan, and insurance.
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