If you want to withdraw the tax money deducted by the company in the form of TDS, then you can easily get the money by following these methods.
Income Tax Return File using Form-16: If you work in a company, then you must have heard that TDS is deducted from the salary of the employees on behalf of the company. This is your tax record. Form 16 is issued by the company every year by the end of May for the previous financial year. Which runs from 1 April to 31 March. Form 16 is essentially a certificate that the company issues to its employees.
This certificate gives a recognition that TDS has been deducted from your salary and deposited with the government authorities on behalf of the employee. Every company must give salary slip to its employees. Form 16 contains every important detail which is useful in filing income tax return. Through this you can get back the money deducted as TDS. To download Form 16, you can visit the official website of the Income Tax Department at incometaxindia.gov.in/Pages/default.aspx under the Income Tax Form section.
How to file income tax using Form 16?
- Get all your financial documents including Form 16, PAN card, Aadhaar card, bank statement and other related documents. While filing your taxes, make sure to note all the deductions you are eligible for (like any deduction under 80C, 80D, etc.)
Create an account by registering on the Income Tax e-filing portal. Login if you already have an account. - Click on “Income Tax Return” available on the e-file section to start the process.
Based on your income and other circumstances, select the appropriate Income Tax Return (ITR) form. If you have Form 16, then ITR-1 or ITR-2 can be used. - Enter details like personal details, income details, deductions and tax payments.
- Form 16 contains everything required for filing your income tax return, including allowances exempt under section 10, deductions under section 16 apportionment, taxable salary reported by an employee and offered for TDS Income (or allowable loss) from house property, income under the head ‘Other sources’ proposed for TDS, includes deductions under section 80C.
- Verify all the information you provided, then submit the form.
- Once you submit your return, e-verify it through one of the accessible methods, such as an OTP from your Aadhaar, etc. The online method of filing ITR is simple and takes only a few minutes.
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