manyaxis.com
What is Form 16? | Manyaxis
Every year your employer will issue this document. It is a certificate under the Income-Tax Act, 1961, which gives information on the tax deducted at source (TDS) from income chargeable under the head "salaries". It gives details of the tax deducted by the employer or company and declares the amount. Form 16 is useful in filing income tax return (ITR). Form 16 has two sections—part A and part B. Part A consists of your personal details such as your name and address, your employer's name and address, Permanent Account Number (PAN) of both, the employer's Tax Deduction Account Number (TAN), and others. These details help the I-T department track the flow of money from you and your employer's accounts. Part B of Form 16 consists of Gross Incomes, Savings, Exemptions and detail of tax deposit to I-T Department. In the last portion there is calculating the Total tax on your Gross Income after deducting the all savings and deductions. With the help of this Part B. We filled the Income tax