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ITR Filing FY 2023-24: What is Form 16 and how you can download it to file your income tax return – Times of India

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ITR Filing FY 2023-24: What is Form 16 and how you can download it to file your income tax return – Times of India



ITR Submitting FY 2023-24: As a salaried taxpayer, Kind 16 is essential when submitting your earnings tax return. So, what’s Kind 16 and why is it vital? Kind 16 is a certificates issued by employers to staff underneath part 203 of the Revenue-tax Act, 1961. It outlines the quantity of tax deducted at supply (TDS) from the wage of an worker and deposited with the federal government in opposition to their PAN.It additionally contains funding proofs offered by an worker who has chosen the outdated earnings tax regime.
Kind 16 is crucial for submitting Revenue Tax Returns because it supplies an in depth abstract of:

  • Revenue earned via wage
  • Tax deducted at supply (TDS)
  • Exemptions claimed underneath numerous sections

What are the parts of Kind 16?

Half A:
Based on an ET report, Half A of Kind 16 comprises the main points of quarterly TDS:

  • Identify and deal with of the employer and worker
  • PAN (Everlasting Account Quantity) and TAN of the employer
  • PAN of the worker
  • Interval for which employer calculated tax on wage
  • Abstract of the quantity paid or credited as wage and tax deducted at supply (TDS) as talked about in respect of the worker

Half B:
It particulars the wage paid or credited to an worker, together with mentioning the earnings tax regime an worker opted for – outdated or new:

  • Detailed breakup of gross wage:
  1. Wage as per provision in part 17(1)
  2. Worth of perquisites in part 17(2)
  3. Income in lieu of wage in part 17(3)
  • Allowances exempted from earnings tax underneath part 10
  • Some other deductions akin to normal deduction obtainable to salaried staff
  • Deductions allowed underneath Chapter VI-A of the Revenue Tax Act akin to Part 80C, 80D, and so forth.
  • Aid underneath part 89, if any

It have to be ensured that each Half A and Half B of Kind 16 bear the TRACES (TDS Reconciliation Evaluation and Correction Enabling System) emblem to point that each elements have been downloaded from the official earnings tax portal, offering assurance of their authenticity.
Additionally Learn| Budget 2024 income tax expectations: Are you paying excess tax? You may be paying Rs 43,226 extra on Rs 10 lakh income – find out why

Find out how to obtain Kind 16?

Kind 16 may be obtained from the TRACES (TDS Reconciliation Evaluation and Correction Enabling System) web site or via your employer’s portal.
The given steps have to be adopted:

  1. Go to TRACES web site: Go to contents.tdscpc.gov.in
  2. Login or register: Use your PAN as Consumer ID. Full registration if new
  3. Navigate to downloads: Choose ‘Kind 16’ underneath the ‘Downloads’ tab
  4. Select kind and monetary 12 months: Specify Kind 16 kind (Half A or B) and the related monetary 12 months
  5. Confirm particulars: Affirm PAN and different required data
  6. Submit request: Enter TDS particulars (receipt quantity, date, quantity) and submit.
  7. Retrieve Kind 16: Obtain the certificates from the ‘Downloads’ part as soon as obtainable

Various Methodology (Worker Portal):

  1. Login: Entry your organization’s worker portal
  2. Navigate to the tax part: Discover and choose the tax part
  3. Obtain Kind 16: Find and obtain Kind 16 from the obtainable choices
  4. Confirm particulars: Guarantee all particulars are correct earlier than downloading

Additionally Learn | ITR filing FY 2023-24: What is the penalty for late filing of income tax return? Check penalties for misreporting tax & other mistakes
By following these steps, Kind 16 may be simply obtained and used to file earnings tax returns precisely and on time. Kind 16 ensures compliance with tax rules and supplies readability concerning staff’ wage earnings and tax deductions.







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