ITR Filing FY 2023-24: What is Form 16 and how you can download it to file your income tax return

By
Nilesh Desai
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ITR Filing FY 2023-24: As a salaried taxpayer, Form 16 is essential when submitting your income tax return. So, what is Form 16 and why is it vital? Form 16 is a certificates issued by employers to staff below part 203 of the Income-tax Act, 1961. It outlines the quantity of tax deducted at supply (TDS) from the wage of an worker and deposited with the federal government towards their PAN.It additionally consists of funding proofs offered by an worker who has chosen the previous income tax regime.
Form 16 is important for submitting Income Tax Returns as it offers an in depth abstract of:

  • Income earned by means of wage
  • Tax deducted at supply (TDS)
  • (*16*) claimed below numerous sections

What are the elements of Form 16?

Part A:
According to an ET report, Part A of Form 16 incorporates the main points of quarterly TDS:

  • Name and handle of the employer and worker
  • PAN (Permanent Account Number) and TAN of the employer
  • PAN of the worker
  • Period for which employer calculated tax on wage
  • Summary of the quantity paid or credited as wage and tax deducted at supply (TDS) as talked about in respect of the worker

Part B:
It particulars the wage paid or credited to an worker, together with mentioning the income tax regime an worker opted for – previous or new:

  • Detailed breakup of gross wage:
  1. Salary as per provision in part 17(1)
  2. Value of perquisites in part 17(2)
  3. Profits in lieu of wage in part 17(3)
  • Allowances exempted from income tax below part 10
  • Any different deductions similar to normal deduction out there to salaried staff
  • Deductions allowed below Chapter VI-A of the Income Tax Act similar to Section 80C, 80D, and so on.
  • Relief below part 89, if any

It have to be ensured that each Part A and Part B of Form 16 bear the TRACES (TDS Reconciliation Analysis and Correction Enabling System) emblem to point out that each elements have been downloaded from the official income tax portal, offering assurance of their authenticity.
Also Read| Budget 2024 income tax expectations: Are you paying extra tax? You could also be paying Rs 43,226 further on Rs 10 lakh income – discover out why

How to download Form 16?

Form 16 can be obtained from the TRACES (TDS Reconciliation Analysis and Correction Enabling System) web site or by means of your employer’s portal.
The given steps have to be adopted:

  1. Visit TRACES web site: Go to contents.tdscpc.gov.in
  2. Login or register: Use your PAN as User ID. Complete registration if new
  3. Navigate to downloads: Select ‘Form 16’ below the ‘Downloads’ tab
  4. Choose sort and monetary 12 months: Specify Form 16 sort (Part A or B) and the related monetary 12 months
  5. Verify particulars: Confirm PAN and different required data
  6. Submit request: Enter TDS particulars (receipt quantity, date, quantity) and submit.
  7. Retrieve Form 16: Download the certificates from the ‘Downloads’ part as soon as out there

Alternative Method (Employee Portal):

  1. Login: Access your firm’s worker portal
  2. Navigate to the tax part: Find and choose the tax part
  3. Download Form 16: Locate and download Form 16 from the out there choices
  4. Verify particulars: Ensure all particulars are correct earlier than downloading

Also Read | ITR submitting FY 2023-24: What is the penalty for late submitting of income tax return? Check penalties for misreporting tax & different errors
By following these steps, Form 16 can be simply obtained and used to file income tax returns precisely and on time. Form 16 ensures compliance with tax rules and offers readability relating to staff’ wage income and tax deductions.


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