The last date of filing IT for every individual in this country is July 31 for the assessment year 2024-25. Both salaried and self-employed individuals can start filing their IT from June onwards. Form 16 is a vital document for Indian taxpayers and employees. It plays a crucial role in tax filing, loan applications, and other financial transactions.
Form 16 is a certificate issued by employers in India to their employees. It provides a detailed record of the employee’s earnings and the amount of tax deducted at source (TDS) and deposited with the government during the financial year. The form 16 includes employees PAN (Permanent Account Number), the employer’s TAN (Tax Deduction and Collection Account No), Salary Income, Deductions, under various sections of IT act, and TDS.
It serves as the proof of the TDS deducted by the employer. It is generally issued to the employee by the employer before June 15.
Form 16 – Part A
Form 16 – Part B
Uses of Form 16:
Form 16 is crucial for both employees and employers to comply with tax regulations and maintain financial transparency. It is an important document for salaried employees as it helps them claim tax refunds
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