What is Form 16? || Form 16 (Part A & Part B) | HR Tutorials India | Components of Form 16 | Form 16

What is Form 16? || Form 16 (Part A & Part B) || HR Tutorials India || Components of Form 16 || Importance of Form 16 || Benefits of Form 16 || Form 16 || What is HR? Watch the video till the end to find out the full details. Stay connected to "HR Tutorials India" for more interesting videos.

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What is Form 16?
Form 16 is essentially a certificate employers issue to their employees every year on or before 15 June of the next year, immediately after the financial year in which the tax is deducted. It provides a validation that TDS has been deducted and deposited with the government authorities on behalf of the employee. It gives a detailed summary of the salary paid to the employee and the TDS deducted. Form 16 contains the information you need to prepare and file your income tax return. Form 16 has two components - Part A and Part B.

Form 16 Required for Filing Income Tax Returns:
= Allowances exempt under Section 10
= Breakup of deductions under Section 16
= Taxable Salary
= Income (or admissible loss) from house property reported by employee offered for TDS
= Income under the head Other Sources offered for TDS
= Breakup of Section 80C Deductions
= Aggregate of Section 80C Deductions(Gross & Deductible Amount)
= Tax Payable or refund due

What is the Eligibility Criteria for Form 16?
According to the regulations issued by the Finance Ministry of the Indian Government, every salaried individual who falls under the taxable bracket is eligible for the Form 16. If an employee does not fall within the tax brackets set, he/she will not need to have Tax Deducted at Source (TDS).
However, these days, as a good work practice, many organizations, even in these cases, issue this certificate to the employee as it contains a consolidated picture of the earnings of the individual and has other additional uses as well.

Points to be Noted while Checking Form 16:
= Once an individual receives the Form 16 from the employer, it is his/her responsibility to ensure that all the details mentioned therein are correct.
= In addition to verifying the personal particulars and details of amount of income and TDS deducted, the most important thing one needs to confirm in Form 16 is the PAN number.
= If it is mentioned inaccurately, one should immediately reach out to the HR /Payroll/ Finance Department of the organization and get the same corrected.
= The employee will be issued a rectified and updated Form 16 by his/her employer.

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What is Form 16?
Form 16 (Part A & Part B)
HR Tutorials India
Components of Form 16
Importance of Form 16
Benefits of Form 16
Form 16
Full Details about Form 16
All About Form 16
What are the Components of Form 16?
What is the Importance of Form 16?
Part A of Form 16
Part B of Form 16
Form 16 Part A
Form 16 Part B
Importance and Components of Form 16
Form 16 Importance and Components
TDS Certificate
Form 16 TDS Certificate
Form 16 Certificate
Form 16 Part A & Part B
Form 16 Part A & B
Uses of Form 16
Why Form 16 is Required?
Form 16 Required for Filing Income Tax Returns
Why Form 16 is required for File Income Tax Returns?
What is the Eligibility Criteria for Form 16?
Who are Eligible to get Form 16?
Who are Eligible for Form 16?
Points to be Noted while Checking Form 16
How to Check Form 16?
What is HR?

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