What’s form 16 ? Why Form 16 needs to each employees :-
Form 16 is a document which is issued by the employer to employee
certifying the details of salary one has earned during the year and the amount
of TDS deducted.
Form 16 is a proof of income and tax
deduced by the employers. It is needed for the purpose of filing returns.
It’s mandatory to file the income tax
returns by 31st July of every financial year ,in case of salaried assessees. In
order to file the ITR, it is necessary to have the Form 16 document, issued by
employer.
Form 16 consists of complete details
related to salary paid by the employer of the assessee along with necessary
adjustments for income tax.
Form 16 contains the details of tax
deducted and the bank where the deducted tax is deposited into the central
government account. Generally This certificate is issued at the end of the
financial year.
Download Income Tax Form 16 Part B for F.Y.2015-16 [ This Excel Based Software can prepare at a time 50 employees Form 16 Part B ]
Download Income Tax Form 16 Part A&B for F.Y.2015-16 [ This Excel Based Software can prepare at a time 100 employees Form 16 Part A&B]
Parts of form 16 :
1) Part – A :
This part contains details like
1. Name and address of employee
2.Name and address of employer.
3.Details of TAN
4.Details of PAN
5.Details of Employment
6. Details of TDS Deducted
7. Details of bank in which TDS is
deposited.
2) Part – B :
This part contains the information
related to employee’s total income and tax like
1.Salary paid
2.Details of income from other heads
3. Deductions allowed
4.Tax payable.
More than One Form :
if you have worked in two different
organization in a single year then you have to collect two different Form 16s
from the two employers in order to file the IT returns.
Revised form 16 :
After obtaining the form 16 from the
employer assessee has to cross check the figures in the form 16 with the income
statement submitted by him to his employer for TDS purpose.
If there are any mistakes like some
deductions might not have been considered and some deductions u/s 80 might not
be taken into account. In such case one has to consult his employer and and
request for Revised form 16 after correcting all the details in the form.
