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A tax payers guide to Form-16

form 16 guide

What is a Form 16

A Form 16 is a certificate issued to salaried individuals from their employer when he deducts tax from the employee salary. In simple words, it is an acknowledgement which states your deducted tax has been deposited with the income tax department.

Form 16 is an important document that is issued in accordance with the provisions of Income Tax Act,1961. A form 16 contains details of the amount of tax deducted at source (TDS) on salary by your employer alongwith the salary breakup for the financial year. In a nutshell, it could be said that a Form 16 is a certificate of proof of the TDS deducted & deposited by your employer.

Here are some of frequently asked questions about Form 16

  1. Who issues Form 16
  2. When Form 16 is to be issued?
  3. How to understand Form 16?
  4. How does the Form 16 process work?
  5. Why do I need Form 16?
  6. How to get Form 16?
  7. I lost my Form 16, what should I do?
  8. Is Income Tax Return and Form 16 same?
  9. I haven’t received any Form 16 from my employer; do I still need to file my income tax return?
  10. I haven’t received Form 16, how do I calculate my Salary Income?
  11. My employer has deducted tax from my salary, but neither did he issue me a Form 16 nor does my Form 26AS show any such deduction entries?
  12. I want to claim a deduction under Chapter VI / other exemptions / allowances in my income tax return which is not in my Form 16? Can I do it?
  13. Is Form 26AS different from Form 16?
  14. My Form 16 is incorrect, what should I do?
  15. I switched my job during the year, how should I file my return now?

Click here to find answer to all the above questions.

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