Form 16: What is Form 16, How to Fill & Download Form 16, Form 16A, and 16B
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Every salaried person in India is supposed to file the Income Tax Return or ITR in a financial year, and filling out Form 16 is an integral part of this procedure. According to the Income Tax Act, all employers must deduct a Tax Deducted at Source or TDS from an employee’s salary. Form 16 becomes the proof of such TDS deductions for the employee.
This post aims to help you understand what Form 16 means, and how its two main components 16A and 16B are different from each other. We will also guide you on how to download Form 16 and fill it out in an errorless manner.
What is Form 16?
Also known as the salary certificate, Income Tax Form 16 is a mandatory document to be submitted while filing ITR as per Section 203 of the Income Tax Act 1961. It is a certificate issued by the employer to the employee. It is TDS certificate containing details about an employee’s salary income, tax deductions, and similar information for a particular financial year.
What Is the Difference Between ITR Form 16A, and 16B?
ITR Form 16 has two components: Part A (16A) and Part B (16B).
Knowing the difference between Form 16A and 16B is essential to fill your ITR without any errors.
- ITR Form 16A: It is a TDS certificate stating that tax has been deducted at source by the employer for the employee. This form contains essential information about the employer and the employee, such as their names, addresses, PAN numbers, and the summary of the tax deducted and deposited by the employer.
- ITR Form 16B: It is a TDS certificate that certifies tax has been deducted at the source on any income earned from the purchase of any immovable property apart from the agricultural land. It contains essential information like the gross salary of the employee, deductions, exemptions, and net taxable income. It must include all the information about the investments made by the employee under Section 80C of the Income Tax Act.
| Type of Form | Form 16 | Form 16A | Form 16B |
| Definition | Certificate of a tax deduction by the employer for the employed on the earned salary | Certificate of a tax deduction on any non-salary income, including rent, and interest on investments | Certificate of a tax deduction on earnings from the sale of an immovable property |
| Time of Issuance | Issued annually by the employer | Issued quarterly or annually | Issued depending on the number of transactions |
| Eligibility | Mandatory for employees earning over Rs. 2.5 lakhs | Mandatory for people whose non-salary income is beyond a set limit | Mandatory for each transaction exceeding Rs. 50 lakhs |
How to Download Form 16?
One big misconception about ITR Form 16 is that any individual can download it. The truth is that only the employer can download and issue Form 16, and there is no provision through which an individual can download his/ her own Form 16. It is important to get this form from the employer before the deadline, May 31st of each financial year.
How Can an Employer Download Form 16?
An employer must follow these steps for a quick Form 16 download:
- Visit the TDS Traces portal
- Log in using the correct user ID, and password, along with PAN, TAN, and CAPTCHA
- Choose the ‘Form 16’ option under the ‘Downloads’ tab
- Choose the financial year
- Enter the name and the PAN details of the employee
- Fill in the TDS receipt number
- Choose the TDS date before and then add the total tax collected and deducted
- Click on the ‘Submit’ for downloading Form 16
- Choose the ‘Requested Downloads’ from the ‘Downloads’ tab
- Download the files in the desired format after seeing the ‘Available’ status for Form 16A and 16B.
Why is Form 16 Important for ITR Filling
After receiving Form 16 downloaded by your employer, you may use it as a statement of income from salary to get the following benefits:
- Proof of income
- Visa issuance
- Load assessment as well as approval
- Tax benefits
- Switch to a new job
- Check tax-saving investments in a financial year
- File ITR
How to File ITR with Form 16?
Once the employer download form 16 for salaried employees, the employees can follow these steps to file their ITR online using this form:
- Visit the official Income Tax e-filing portal
- Enter PAN
- Log in with your correct user ID and password
- Fill the online ITR form with other mandatory details such as date of birth, address, email ID, and mobile number
- Submit the ITR for verification
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Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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