What is Form 16 Income Tax and how to verify: The employees, who are enjoying the pay scale above the basic exemption limit of the Income Tax, have to pay Income tax as per the slab rate in which they fall. But the Income tax Act has provided the benefit to the employees for not jumping in the formalities of tax paying. The responsibility of deducting the tax from the income earned by employee is given to the employer. Such tax collected by the employer is to be submitted with the government department.
When the employer deducts such tax and pays the same to the government, a form is generated as a proof of such tax deduction and this form is none other than Form 16 of the Income Tax Act. It is a certificate of tax Deducted at Source. This will be useful to the employee while filing his own return. This form can also be used by the employee while getting loan from a bank as it acts as a proof of the amount of salary received by the employee. There are certain preliminary requirement for deducting such tax at source and issuing Form 16. One of such requirement is that the Employer who deducts the tax must have a TAN (Tax Deduction Account Number). Form 16 issued to the employee will contain many important details such as PAN of the employee, PAN of the employer, Personal Details of the employee, salary details with bifurcation of Gross and Net Salary, perquisite of any, amount of tax deducted by the employer, amount of tax if any payable or to be received as refund etc.
The details like tax payment such as the cheque number through which the tax is paid, or the DD number if the tax is paid via DD, Challan number etc will also be available in Form 16. When any mistake exists in the details in the form, the employer is responsible to rectify the details and provide the copy of the same to the employee. Employees also have to take care regarding the Form 16 as ultimately the benefit will be made available to the employee. He make look properly in the form if the deductions are accounted properly by the employer and also see that other personal details are filled properly by the employer. If there is any mistake in the form, the employee must bring it to the notice of the employer.
Verification of Form 16:
Before two year, the tax deducted was to be deposited with the bank. After few days, Form 16 was supposed to be collected from the Income Tax Department. But from the financial year 2011 – 12, the Income tax Department has provided the facility of verifying the TDS Certificate Form 16 online. The steps for verifying the Form 16 are given here under:
Download Form 16 Income Tax:
- Visit the link www.tin.nsdl.com (http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form16.pdf)
- Now click on the TIN tab given under online services option
- Find out link for verifying Form 16
- A form like structure will be appeared on the page
- You will be required to provide the following details:
- The TAN Number of the Employer
- PAN Number of the Employee
- Certificate Number
- Total Amount Deducted as Tax at Source
- Submit this details and Form 16 will be displayed if all the details are correct.
The details of form 16 can also be catched from Form 26AS which is the Tax Credit Statement provided by the Income tax Department. The facility of Form 16 verification can be used any time with the help of a computer and an internet connection. download form 16,form 16,form 16 download,form 16 format,form 16 in excel format ,form 16 income tax,form 16 online,form no 16,income tax form 16,what is form 16