Form 16 is the TDS certificate that an employer issues to an employee. When an employer deducts TDS from employees' salaries, the Income-tax Act requires a certificate to be issued by the employer, where the details of the tax deducted and deposited are certified.
Form 16 consists of two parts: Part A and Part B.
Part A of Form 16 includes details like the employer's and employee's information, the employer's Tax Deduction and Collection Account Number (TAN), and a summary of tax deducted and deposited with the government.
Part B of Form 16 provides a comprehensive statement of the salary earned by the employee, including salary components, allowances, deductions, and exemptions. It also includes details of other income, deductions under various sections of the Income Tax Act, and the taxable income after deductions.
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Related Links:
Video- To watch the video on Form 16, click here.
FAQs- To read more FAQs about Form 16, click here.
Documentation- To learn more about Form 16, click here.
Product Update- To read about the product update, click here.
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