What is Form 16 of Income Tax & Form 16A, 16B Details

Form 16 is one of the very important forms relates to income tax payment. It requires while filling for your current year income tax online. This is the form provided you by the employer that is the company which you are working for in your country.

A certain amount of money deducted by the Government and at the same time the employee also deducts (TDS) an amount known as TDS. The information is available in the Form 16 precisely. The employer whom you are working for will submit the TDS to the income tax department that is the IT department every year, which shows the tax which they have paid from your basic salary.

But at the same time the employer will also give you the Form16 for the current year during the month of April. You can use that form while submitting your income tax efiling online. You might wonder that if you change jobs over a period of time then and worried because you will receive different Form16 from every employer.

Now little assume that the employer number 1 has submitted the form 16 to the income tax department, while the employer number 2 will do the same by submitting your form 16 from their company to the income tax department, and at the end you will receive two Form16 from two different employers i.e, two different companies which you have worked for in the last year, and you can use those two forms as proof while submitting your income tax online.

Income Tax Form 16 Eligibility and Requirements

If you want to be eligible to get the form 16 for income tax online filing then you can look at the below eligibility and requirement details.

  • Any employee should have worked for a certain amount of period for the employer through the period which the employer has submitted TDS to the government that is IT department of India
  • If you have received a Form16 from your employer then you can use the same form 16 to add as an proof attachment while filling online for income tax refund
  • You will only be issued a form 16 by the employer if they have deducted the TDS tax from your salary

Importance of Form 16 of Income Tax

You might be wondering as a salaried employee who wants to start filling his income tax process to get a refund very soon, that why would you want to attach form 16 as a proof, and You can click to download the PDF version of the Form 16.

Well you must understand that there is another tax called as TDS which means tax deducted at source, and It is a form of income tax which is deducted from your salary by the employer and paid to the IT department of India the same way another amount of money is deducted from your salary.

Now for the period of 2018 and 19 you want to file your income tax returns then you should also be asking your employer about the form 16 to attach it as a proof, So that you can receive reimbursement or refund on the amount that has been detected as TDS tax, and you may please note that the government will not provide the form 16 and it is your employer who has to provide this form.

Different Parts of Form 16

Income Tax filing is a very crucial process and frankly speaking people miss out on very important documents while doing it, and that is why you need to have basic understanding of every attachment and proof which you want to add while e-filing with two parts of Income Tax Form 16 as below

  1. Form 16A
  2. Form 16B

But while applying for income tax filing online, you must make sure that the form fully filled. That is why we are going to explain the different sections of the form below, and if there are any corrections then you can either ask your employer for Form16, Tenant for Form 16A and Form 16B to be provided again with correct details.

Form 16A Details

This part of the form16 has very basic information that you need to fill out, and this basic information includes name of the employee address of the employee pan of the employee name of the employer address of the employer pan of the employer address of the employer

Form 16B Details

The Form 16B has details regarding your Gross Salary, Allowance and different deductions which may not related to your employer. This section also includes details related to other Provident fund schemes like EPF, Insurance or Mutual Funds added as a part of these.

How to Get Form16, Form 16A, Form 16B

The Form 16 given by your employer which deducts the TDS from your salary. If you are working for an employer for a period of time, then you can ask them directly to send you a soft copy of the form 16 which you can download and then attach as a proof.

But we advise you to go over the given form 16 by the employer and if there are any mistakes related to salary, tax or PAN number, and then you can contact them again so that the HR department can provide you a revised version of it.

The Form 16A issued by different financial institutions maybe sometimes the income from rent, that is rent received from your tenants. In this case you can ask your renters to fill the form 16A and give you the form.

Form 16B is something which has tax deducted for having an immovable property such as a house or apartment or plot which can also be a part of form 16.

So, once you get any part of form 16 which need from your end, then you can just use it as an attachment and provide while completing your income tax returns online filling process. Where many of you might seek help from different CA’s or chartered accountant but not required because form 16 is quite easy to fill and after this guide you might do it yourself. For more details visit the webportal incometax.gov.in/iec/foportal