Form
16 certificate also known as TDS certificate is a
financial statement issued by an office of a salaried employee that contains
earnings, deductions and “Income Tax"
or "I-T” paid to
the Government. This Form-16 certificate (TDS Certificate) must be issued to every employee
who comes under “Tax Deducted at Source - TDS”, by
his / her employer in the end of each financial year.
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All the
salaried employees should use Form
16 certificate as a supporting document for I-T Return in India. If you have worked in two
different organizations in the same financial year, you must collect
separate Form 16 certificates from
both the organizations in order to submit your I-T Return.
Even if your earnings not come to the barrier of TDS, you
are entitled to get the Form 16 document or also known as TDS certificate upon request. In some
situations like, availing bank loan for house or car etc.,
bank may ask to submit Salary
certificate and Form
16 as evidence of your earnings, deductions and net
income from the company.
Definition of Form 16
Certificate in terms of I-T Department, Govt. Of India
Form 16 is
a Certificate issued to an employee
by his officer under section 203 of the Income-tax Act, 1961 for Tax deducted
at source from income chargeable under the head “Salary”.
Form 16
certificate must have details of the Tax Deducted at Source (TDS) by the company
on behalf of employee.
Tax
Deducted at Source: TDS is a tax levy to be retained by a
third-party payer (employer or officer who authorized to issue form-16
certificate) over the revenues paid to the person concerned, the tax due in
respect of the same income. Tax deducted at source is the normal taxation the
income of most of the countries.
Tax-deduction
Account Number: TAN is the authorization number that an
employer or officer should get from the income tax department prior collecting
TDS. It is TAN holder’s responsibility, obtaining TDS from an employee’s salary
and the same amount to be paid to the government as collective tax on behalf of
its employee.
Employee
should use the form-16 certificate for filing the Income Tax (I-T) return every
ending of financial year.
Structure of Form 16
Certificate (Tax Certificate)
Now we will look into the format of Form-16 certificate and
what are the data to be specifically shown on the Form 16 format structure:
1. First part of the form-16
format requires the primary information about employer (who collected the TDS)
and employee. It must have address, designation, PAN, TAN, period of the
TDS, Assessment year and acknowledgement numbers of all quarterly statements of
the TDS received from I-T department.
2. Second part of the Form-16 template requires the details of the
salary paid by the employer, other income reported by the employee and Tax
deducted at the source.
3. Third part of Form 16 format
shows the details of tax deducted and deposited into I-T Department, Govt. Of India.
And finally, all the data given in this
“Form-16” certificate must certify the issuing officer with signature, date and
office stamp.
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