Form 16 Form 16 is important for filing Income Tax Return but it does not mean that Form 16 is necessary for filing ITR. If you do not have Form-16 then you need not worry.
The government has recently extended the timelines for various tax compliances. These also include Form 16, which is required to be submitted by the employer by July 31. The government has extended the date of 8 works related to income tax, so that taxpayers can get some time during the corona epidemic. The deadline for employers to furnish TDS certificate in the form of Form-16 to employees has been extended from July 15, 2021 to July 31, 2021.
The Central Board of Direct Taxes (CBDT) said in a statement, “Due to the impact of the COVID-19 pandemic, taxpayers are facing inconvenience in fulfilling certain tax compliances and filing replies to various notices. The relief is being provided to reduce the compliance burden of the taxpayers during this difficult time.
Form-16 is a TDS certificate, which lists all your taxable income and various Tax Deducted at Source (TDS). It is one of the most essential documents for filing Income Tax Return (ITR). It is a certificate issued by the employer to his employees. This confirms the fact that TDS has been deducted and deposited with the authorities on behalf of the employee.
Form-16 is issued by an employer and contains the information that is required to file your tax return. Form-16 consists of two parts- Part A and Part B.
Part-A contains this information
Name and address of employer
Employer’s PAN Number
Employee’s PAN Number
Employer’s TAN Number
Period of employment with current employer
Details of tax deducted and deposited on quarterly basis, which is certified by the employer.
Part-B is an annex to Part-A. If you change your job in one of the financial years, it is for you to decide whether you get Part B of the form from both the employers or from the last employer.
Part-B contains this information
Salary Details
Detailed description of exempted allowances under section 10
Exemption availed under Income Tax Act
Form-16 is important for filing Income Tax Return, but it does not mean that Form 16 is necessary for filing ITR. If you do not have Form-16, then you need not worry. You can also file your ITR without Form-16. If you lose your Form-16, you can request a duplicate from your employer. If you change your job in a financial year, each employer will issue a separate Part-A of Form-16 for the period of employment.
