What is Form 16?

Form 16 is a certificate issued by your employer that contains the TDS which is deducted from your salary and deposited with the authorities. It also includes the other income sources of the employee and is issued every quarter. It contains all the information you need to prepare and file your income tax return. If you are a salaried individual and want to know how to save tax on salary or how to claim an income tax refund, just check your Form 16 and know all the deductions and benefits availed by you from your employer.

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  Form 26AS is a statement of all the taxes you have already paid. It gives an overall view of all the TDS deducted from your income in the financial year at various sources. These could be tax deducted on salary, commission income, interest received ...

• What is form 15G/15H?

  Form 15G and Form 15H are forms you can submit to make sure TDS is not deducted on your income subject to certain conditions. Form 15H is for those who are above 60 years of age; while Form 15G is for others. These forms are valid for one financial ...

• How is form 16A different from Form 16?

  Form 16 mainly reflects deductions made from salary and Form 16A shows deductions on income other than salary. The basic differences are stated below: Form 16 is for salaried employees and 16A is for non-salaried individuals, corporates or service ...

• How to Read Form 16

  Form 16: It is a TDS Certificate certifying the amount of TDS deducted, Nature of Payments and the TDS payment deposited with the Income Tax Department. Form 16A is issued for TDS deducted on Salary. For TDS details refer Part A of the Form 16.

• What is Form No. 16C?

  For the purpose of bringing the high rental income groups within the ambit of tax, the government in the Budget 2017 inserted a new Section 194IB. Under this section, individuals and HUF who pay rent of Rs 50,000 or above will have to deduct TDS at ...