How to Get Form 16: For salary employees, Form 16 is the most important document to file income tax returns. This form makes the process of filling tax returns easier. Know how to download this form, what is its simple process?
When did the income tax start?
Income tax in India was started by Sir James Wilson on 24 July 1860. Then the rich, royal families, British citizens were imposed. ₹ 30 lakh came first year
How to Download Form 16 Online: Preparing to file income tax returns (ITR)? If you are a salary employee, Form 16 is the most important document for you. This not only gives your salary and details of TDS (tax deducted at source), but also makes ITR filing easier. In this article, let us know what is Form 16, what happens in part A and B, how to download it online, how to open a password and why is it necessary?
What is Form 16? (What is Form 16)
Form 16 is a TDS certificate, which the company gives to its employees every year. It contains details of your salary deducted tax (TDS), deduction and total ink. This document is issued under Section 203 of the Income Tax Act. Meaning Form 16 is an official evidence of your tax and income.
Also read- How to file an ITR of dead person? Know easy step-by-step process
How many parts of Form 16 are there? (How many parts are in form 16)
Form 16 has two parts A and B. Part A contains information about the names of Employer and Employee, PAN, TAN and QuarterWise TDS. Part B has one detail of salary, allowance, deduction (80C and 80D) and tax responsibilities. If someone has changed the job in the middle of the year, then every employer i.e. the company will have to take different form 16.
When is Form 16 get? (When do I get form 16)
If your income is taxable and TDS is deducted on it, then it is natural to give Form 16 to the employer. Even if the TDS is not sent, many companies give this document, so that the employee can get a clear report of income and deduction.
Why is Form 16 necessary? (Why is Form 16 Necessary)
- Most work document in filing ITR
- Tax cut proof
- Authority of salary income
- It is necessary to take a loan from the bank
How to download Form 16 online? (How to Download Form 16 online)
- Download Form 16 from Employer Traces portal. You cannot download it directly, but the employer removes it from there and gives you.
- Employer go to Traces website to download it.
- Login with PAN (User ID) and password.
- Click on the ‘Downloads’ tab.
- Choose Form 16 and Financial Year.
- Verify PAN and TDS details.
- Enter TDS Resipt Number and Tax Deed.
- After submitting, Form 16 (Part A&B) will come for download.
- You can save it by clicking on the download option.
- Employees can ask for this document from their HR or account teams.
Also read- Is Pan-Aadhaar Missamach? Improve such names and DOB before filing ITR
What is Form 16 PDF Password?
Form 16 is often password-cut. इसे खोलने के लिए आप कुछ कॉम्बिनेशन ट्राई कर सकते हैं, जैसे- PAN (लोअरकेस) और डेट ऑफ बर्थ (DDMMYYYY), सिर्फ PAN (लोअरकेस या अपरकेस), सिर्फ DOB (DDMMYYYY)।
What are the details in Form 16? (What details are in form 16)
Part a
- Name and address of Employer and Employee
- PAN and TAN
- Quarterwaiz TDS deduction and deposit date
Part b
- Gross Salary, Alasses, Paraquisits
- Exemption under section 10
- Other Income
- Deductions like 80C, 80D
- Tax Liability and Rebets
- Relief of section 89
Benefits of Digital Form 16 (Digital Form 16 Benefits)
- Get data without accurate and without mistake.
- ITR filing is fast and easy.
- Refund processing occurs quickly.
- Is secure and safe.
- Manage by mixing everyone in an easy way when the number of employees is high