ITR filing 2024: What is Form 16? Why is Form-16 necessary to file returns?
The time has come to file an Income Tax Return (ITR). Form 16 is very important for a salaried person while filing an ITR. Experts also advise that the taxpayer should not file the return without Form-16.
Let us tell you that Form-16 also works as a TDS Certificate. According to Income Tax rules, all companies must issue Form-16 to their employees. Companies have to issue this form within the time given by the Income Tax Department.
Form 16 is issued for these employees
In such a situation, now the question is for which employees this Form-16 is issued. According to the Income Tax Department, companies have to issue this form every year before June 15. The company issues this form for those employees who are currently working in the company or have worked in the last business year.
What is Form 16? (What is Form-16)
Form-16 contains information about tax deducted from the employee's salary and tax exemption. This information is for an entire business year. This form has two parts.
Part A of the form contains the PAN of the employee and the PAN number of the company along with information about TDS deducted in the financial year. Whereas, Part B contains information related to the employee's salary, allowances, HRA, and special allowances. It also contains information about the facilities provided by the company.
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