The form 16 is very important certificate of Income tax Act, 1961 under the section 203 which give information about Tax Deduction Source (TDS) under the head “salaries” which give complete information regarding tax deduction by the employer. In layman’s language form 16 can name as salary certificate which is issue for employees by a employer at the end of the year which show the amount of salary is paid and the total amount to be paid during the year.
This certificate include all the important detail that help in method of filing I-T return with Income tax department, india. The things which are mention in form 16 is very helpful to file I-T return, even one can do whole thing by itself without taking any help from financial planner or charted accountant(CA), Particularly when income come fully from salary and there are no other source of income.
It is an very important document that have to keep at the time of filing ITR and have to submit till or before 31st july. This form include detail information about deduction related information. The Form 16 is considered as important document that only declare about TDS from salary.
- The below mention are the important features of Form 16 which make it an important part in the process of filing IT return. This form is very important form which is significant to the employees of the firm.
- It is consider as a TDS which issued by Employer.
- It is consider as one of the important proof regarding the salary received by employee.
- In the form 16 information given can corrected.
- It is the only document which show the amount of tax paid on income by employer on behalf of employee.
- It is only valid for salaried person.
- If in any case TDS is not subtracted then there is no obligation for the employer to issue Form 16 to the employee.
- It include individual detail including employee permanent account number, name etc.
- Important detail about the salary as well as net salary, gross salary, deduction etc.
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