Form 16: Time of issuance; steps to download

The tax filing season is approaching. It’s that time of year when you need to start gathering diverse evidence of your income and expenses in order to file your taxes. One of the most crucial forms required to file taxes for those who are employed is Form 16. It mentions the amount of TDS and other deductions applied to your salary. Tax Deducted at source (TDS) is a certificate that contains details about the salary, allowances, and other benefits which are given to an employee by an employer during that financial year. It contains all the important details about the employee’s financial year, which are necessary for filing Income Tax Return (ITR). It is mandatory for all employers to issue this form to their employees before 15 June for the financial year. As a result, the Form 16 that an employer is now issuing is for the fiscal year 2022–23 (which concluded on 31 March, 2023). There are two components to Form 16 that an employer issue: Part A and Part B. Both portions must be downloaded from the TRACES portal. The employee cannot download the same. The employer can follow these steps to download the form: Step 1: Visit the website– https://www.tdscpc.gov.in/app/login.xhtml. Step 2: Log in with our employer id and password. Step 3: Click on the downloads tab and select Form 16A. Step 4: Fill in the relevant details of an employee. Step 5: Submit your necessary information. Step 6: The form will be generated and sent to the employee. The form can only be generated by the employer only after the TDS return is filed by them. Along with additional information like the PAN of an employee, the PAN and TAN of the employer, etc, Part A of Form 16 displays the total tax withheld by an employer for the financial year. The gross income is shown in Part B of Form 16, together with other benefits like company benefits, accommodation and special allowances. TDS concept mandates that the payer of income deducts tax at the designated rate at the time of making payment or when payment is incurred, whichever occurs first. The amount deducted by the company or the employer before crediting salary is deposited to the government on a quarterly basis. It is mandatory for the company owners to file TDS returns for the taxes deducted from the salary income. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.