All things you want to know about FORM-16.

1. What is Form 16?

A Form 16 is a certificate issued to salaried individuals. It is issued by the  employer when he deducts tax (TDS) from the employee salary.

Form 16 contains details of :

• The amount of tax deducted at source (TDS).
• The salary breakup.

2. Who issues Form 16?

The employer who holds TAN no and deduct tax on salary of employee has to issue Form 16.

3. When Form 16 is to be issued?

It must be issued by 15th June of the year for which it is being issued. For example, for the F.Y. 2018-19, the due date for issue of Form 16 shall be 15th June, 2019.

In case of default penalty of Rs.100 per day is charged on employer.

4. How does Form 16 process work?

After deducting TDS the employer has to

• Deposit TDS and
• File TDS Return

After this the TDS data is updated on Income Tax Department within 10-15 days and the employer downloads your Form 16.

• The last date to deposit the TDS for the month of March is April 30.
• The TDS return for the last quarter (Jan to March) is to be filed latest by 31st May.

5. Why do I need Form 16?

• Proof of Tax Deducted
• Document to file ITR
• Used for verification in loan, visa applications.

6. I haven’t received Form 16, how do I calculate my Salary Income?

If you haven’t received a Form 16, then refer

• Salary payslips,
• Bank statements,
• Tax-saving investment proofs,
• Home and education loan certificates and
• Form 26AS etc.

7. How to get Form 16?

Form 16 is issued by your employer (accounts or HR department) and you can expect it by the end of May/June.

8. I lost my Form 16, What should I do?

If you have Form-16 onmail get another copy of the same or alternatively request your employer to issue one to you.

9. Is Income Tax Return and Form 16 Same?

No, Income Tax Return and Form 16 are two different things. Form 16 is the document which helps you in easy filing of ITR.

10. I haven’t received  any Form 16 from employer; Do i still need to file income tax?

If your Gross Total Income exceeds 2,50,000 [for F.Y. 2018-19] then it is mandatory to file income tax return.

11. My Form 16 is incorrect, what should I do?

In case, where a Form 16 is duly issued but with a mistake, then the same can be rectified by your employer. Subsequently, a revised Form 16 will be issued.

12. I switched my job during the year, how should I file my return now?

In case, you had two employers for the year, you will get Form 16 from both the employers for the respective months served by you.

13. 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?

In a case where your employer issues you a Form 16 without any deductions, you can still claim the deduction in your income tax return.

14. My employer has deducted tax from my salary, but neither did he issue me a Form 16 nor does

     my For 26AS show any such deduction entries?

In such a case, you should immediately bring this matter or default to the notice of your employer. Also, in such a case, you must pay full amount of tax while filing your income tax return.

15. I haven’t received Form 16, how do I calculate

     my Salary Income?

If you haven’t received a Form 16, then refer

• Salary payslips,
• Bank statements,
• Tax-saving investment proofs,
• Home and education loan certificates and
• Form 26AS etc.

16. Difference between Form 26AS and Form 16.

Form 26AS

1. Contains details of tax deducted at source (TDS) for all the heads of income.
2. Provided on the Department’s site based on data submitted by all the Deductors.

Form 16

1. Contains details of

• Tax deducted at source (TDS) for salary income only.
• Details of other income.

2. Issued by your employer to you.