ITR filing: How and where to get Form-16, why is it necessary even for those who do not pay income tax..
ITR Filing: The last date for filing the Income Tax Return,, ITR) is approaching. If you are employed and are preparing to file ITR for Assessment Year 2025-26 for the financial year 2024-25, then it is very important for you to have Form-16. This year, the Income Tax Department has extended the last date for filing ITR to 15 September 2025.
Form-16 is a document that contains complete information about your salary, taxable income from it, and the tax deducted. You can download it from the TRACES portal. Let us understand in an easy and desi way how to download Form-16 and what things should be kept in mind while taking it.
Two parts of Form-16
Form-16 is in two parts. The first part, Part A, contains information about your salary and the tax deducted from it. The second part, Part B, contains complete details of different parts of the salary, such as allowances, facilities, exemptions, and tax. This form is prepared based on the tax return, i.e., Form 24Q, filed every quarter by your employer on the TRACES portal.
Where to get Form-16?
The method of downloading Form-16 is very easy. First of all, you have to go to the TRACES website. There, you have to log in by entering your user ID, password, and TAN number. After logging in, go to the download tab and select the Form-16. Here you can download the form for one PAN or multiple PANs. After this, you have to enter the details of the authorized person and the receipt number or token number of the TDS return of the fourth quarter. Also, PAN and tax details of three employees will have to be given. After submitting the download request, Form-16 will be ready in 24 to 48 hours. This form will come in .txt format, which you have to convert to PDF with the PDF converter tool of TRACES. After this, it has to be signed with a digital or manual signature.
Some important things should be kept in mind. Every employer must submit Form-16, and it has to be submitted by June 15 every year. If this is not done, then a fine of Rs 500 per day can be imposed. If you get any facility like a car or house allowance, then the employer will have to give Form 12BA along with Form 16, which will have the details of these facilities.
If you have worked at two or more places in a year, then Form 16 will have to be taken from each employer separately, and it will have to be included in the ITR. Form 16 is proof of your income, which is useful in things like taking a loan. Match it with Form 26AS or Annual Information Statement. If there is any mistake, get it corrected.
Why is Form-16 necessary for those who do not pay income tax?
Even if you do not pay tax, Form 16 is still necessary because it keeps a record of your income. So, download Form-16 in time and file your ITR easily. It contains the certificate number, traces watermark, information about how much tax was deducted every quarter and how much was deposited with the government. It contains the PAN number of the employee and the TAN number of the employer. It contains the details of the salary given to the employee by the company. If the employee has claimed deduction under 80C, 80D or other sections, then its information is also there.
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