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Who is eligible for form16?
Form 16 Eligibility Any salaried person whose tax has been deducted by the employer at source, is eligible to get Form 16. Irrespective of the fact whether your income falls under the tax exemption limit or not, the employer must issue a Form 16 if s/he has deducted tax at source.
Is Form 16 mandatory for salaried employees?
Form 16 is an important document for salaried employees to file their annual ITR. However, salaried employees can file their returns even without a Form 16. In this article, we will explore how a salaried employee can file his income tax returns without a Form 16.
Can anyone verify my form 16?
Every taxpayer should verify and validate the TDS certificate before claiming any tax deduction. Getty Images If the TDS certificate such as Form 16/Form 16A received by you is valid, then the website will show the same result. Once you have received a TDS certificate it is important to ensure its validity.
Can I get Form 16 if my salary is not taxable?
Even if you don’t have Form 16, there are several documents such as salary slips, Form 26As etc. you can use as a reference to file your income tax return (ITR).
Why is form 16 required?
Form 16 is a TDS Certificate that must be provided to employees, by their employers. It certifies that the income tax on your income from salary has been deducted at source, and deposited with the Central Government Account.
Do companies ask for Form 16?
If any company deducts tax for employees at the source, they are legally required by the Income Tax Act to issue a Form 16. It is one of the most significant tax documents for an employee since it acts as a basis for their income-tax return.
What happens if I don’t have Form 16?
In the rare chance that your employer did not provide you with a Form 16 to you, don’t fear; you can still e-File your returns yourself. Your Form-16 is basically a TDS Certificate that lists your Taxable Income and TDS. You can still calculate that without the Form-16.
How can I get Form 16 without employer?
Steps to generate TRACES Form 16 Part-A.
- Step 1: Login to TRACES website(www.tdscpc.gov.in) by entering the “User ID, Password,TAN of the Deductor and the Verification Code”.
- Step 2: First check the status of your return 24Q4 for the Financial Year of which you want to generate the Form 16 Part-A.
Is Form 16 mandatory if TDS not deducted?
The employer or the entity that deducts your Tax Deducted at Source (TDS) is legally bound to issue Form 16 by May 31. Employees with an income of less than Rs. 2,50,000 for the Financial Year, are exempted from income tax. Hence, if no tax has been deducted, Form 16 will not be issued to them.
Is manual form 16 valid?
In other words, Part-A of Form-16 prepared manually is not valid. However, Part-B of Form-16 which is the statement of income of an employee can be prepared by employers themselves. This procedure of generating online Part-A of Form-16 will be applicable for the income deductions made on or after 01.04.
What if the employer does not provide Form 16?
And according to section 203 of the I-T Act, if tax was deducted on the employee’s income, the employer has to furnish Form 16. And if the forms are not issued by then, under section 272A(2)(g) of the I-T Act, the employer is liable to pay a penalty of 100 per day of default till it issues the form.
How can I get my form 16 if employer is not providing?
In case your ex-employer is not giving you Form 16, which is the proof of salary earned and tax deducted thereon, you can send a request for issue of Form 16 through registered post and keep it as a proof for income tax department.