Form 16......Know More

Income Tax Return व Form 16 हा नोकरीपेशा वर्गाचा हमखास चर्चेचा विषय. बरेचदा form 16 आपल्याकडे असणे म्हणजेच आपण Income Tax Return file केलेले आहे, हा गैरसमज निर्माण होतो. ह्या दोन्ही गोष्टी वेगळ्याही नाहीत व एकही नाहीत. त्या एकमेकांवर अवलंबून असलेल्या गोष्टी आहेत. Form 16 मिळाल्या नंतरच आपण Income Tax Return file करू शकतो.

प्रथम आपण Form 16 म्हणजे काय ते जाणून घेऊया-

Definition and Understanding of Form 16:

Form 16 is an important document or a certificate, issued by an employer to the employee for a particular financial year reflecting his total salary paid and amount of tax deducted (TDS) during the year. It is used by the employee as a reference or proof while filling Income Tax Return.

Form 16 has two parts Part A and Part B.

Part A:

·       Name and address of the employer.

·       TAN & PAN of employer.

·       PAN of the employee.

·       Summary of tax deducted & deposited quarterly, which is certified by the employer.

·       Assessment Year.

·       Period of employment with the employer.

·       The Part A of Form16 has to be generated only by downloading it through TRACES Portal (https://www.tdscpc.gov.in).

·       Part A of the Form 16 also has a unique TDS Certificate Number.

Part B:

·       Detailed breakup of salary paid.

·       Deductions allowed under the income tax act (under chapter VIA).

·       Relief under section 89.

·       If you have held more than one job during the year, you’ll have more than one Form 16.

·       Part B is prepared by the employer manually and issued along with Part A.

·       Part B of Form16, shall be prepared by Deductor manually and issued along with Part A duly verified and authenticated in accordance with Part A details.

Important Note

Frequently asked question:-

I don't have Form 16 how do I file my return?

·       Collect your payslips and figure out your Taxable Income

·       Your 26-AS will help you to find the Tax Deducted.

·       Make sure to consider Rent, HRA if you're eligible.

·       Claim your Deductions

·       Income from other sources

·       Pay additional tax if necessary

·       Finally, File your Income Tax Return

 Image courtesy: Cleartax.in

 Image courtesy: Cleartax.in

 Image courtesy: Cleartax.in