Income Tax Form 16 is provided by the employer which shows that TDS has been deducted from your salary. According to Indian Tax Law, it is mandatory for the employer to issue this form if they are deducting TDS from the employee’s salary. The form needs to be issued once in a year, which will be produced during income tax filing in next assessment year.
Sections of Form 16
This form contains all the information required for filing income tax. This form is divided into two parts, Part A and Part B.
Part B of Form 16
- 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. (Are you an employer? If you are an employer, file your TDS Return here)
Part A of Form 16
- 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
- Form 16 Part A must be generated and downloaded through Traces portal
- Part A of the Form 16 also has a unique TDS Certificate Number.
Form-16 Part B / Annexure / Salary Statement
When you fill your I-T Return, you need to enter the following details.
Form-16 Part A / Traces Form-16
Part A requires you to enter these details
Expert Support for Multiple Form 16:
Our E-filing system allow multiple Form 16 to be uploaded. For a financial year, you can make selections of periods and then upload the first one, then add others. Once you upload all the form, our system will prepare your income tax return automatically.