Form-16 is usually used for filing income tax returns (ITR Filing). Very few people know that it can be used in many other places as well. Let us know in which places you can use Form-16 apart from filing income tax returns.
1- In applying for a loan
Whenever you want to take a home loan, personal loan or car loan from a bank, Form-16 can be of great use to you there. In the bank, you can show Form-16 as income proof, so that the bank will know how much you earn and how much loan can be given to you on that basis.
2- In applying for VISA
While applying for a visa for foreign travel, you have to show financial stability. In such a situation, Form-16 can be asked from you many times. That is, you can show Form-16 as an income proof there too.
3- In credit card application
Many times credit card companies ask for income proof. Form-16 is the biggest proof of income for any company. Form-16 also proves to be very useful for credit card.
4- While changing job
If you have to tell the previous income and TDS details while joining a new company, then Form-16 is very useful. In such a situation, you need Form-16 even while changing the job.
5- As income proof
Form-16 is useful as income proof everywhere. Form-16 is the best proof for income.
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