Form 16 ITR: Form 16 is one of the most important documents used for filling ITR. However, most of the people filing ITR do not have correct and complete information about Form 16.
New Delhi. The last date for filing income tax returns is slowly approaching. The last date of this month i.e., 31st July is the last date to file ITR. We also require some documents to file ITR.
Form 16 is one of these few documents. Form 16 is one of the most important documents used for filing ITR. However, most of the people filing ITR do not have correct and complete information about Form 16.
What is Form 16
Form 16 is given to the employee on behalf of a company. Form 16 contains complete information about the salary of the employee and the tax deducted on it. Apart from this, if you have invested in different places and you have got tax benefit, then its information is also given in Form 16. Please note that Form 16 is divided into two parts.
First part of form 16
Let us tell you that the first part of Form 16 contains information about the tax deducted on the salary. The first part of Form 16 is generated and downloaded by the employer.
The first part of Form 16 contains information such as the name and address of the employer, PAN number of the employer, and TAN as well as the PAN number of the employee. Apart from this, Form 16 also contains summary of the amount paid or credited related to the employee and tax deducted at source.
Second part of Form 16
The second part of Form 16 contains the detailed details related to your salary. The second part of Form 16 contains all the information from tax to deduction. Apart from this, all the information from exemption limit to allowance under Section 10 of the Income Tax Act is also included in it.
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