The season of filing Income Tax Return (ITR) has arrived. Employed people are waiting for the issue of Form 16. Form 16 is necessary for filing returns of salaried taxpayers. Employers issue Form 16 to their employees.
It contains many important information, which is very important for your income tax profile. Now employers are going to issue digital Form 16 to their employees.
This is how digital form 16 is downloaded
Digital Form 16 is very easy to use. Using this, income tax returns can be filed without any mistake. Like the old Form 16, it also contains complete information about your salary, TDS and deductions. The question is where will you get Form 16? For this, employers can visit the official TRACES portal of https://www.tdscpc.gov.in. On this portal, employers can log in with Tax Deduction Account Number ( TAN ), password and captcha code. After logging in, you have to go to the ‘Download’ tab. Then select ‘Form 16’.
Employers have to provide this information
After selecting Form 16 on TRACES, you will have to select the financial year. After that, you will have to enter the PAN of the employees and other necessary information. After that, you will have to enter the TDS receipt number, date of deduction and total deducted amount. After this, you will have to click on Submit and Download Request. After this, Form 16 will be downloaded. It can be used as per your requirement.
Employers will have to issue Form 16 by June 15
Form 16 has two parts – Part A and Part B. Part A contains information about the employer and employees. There is also a summary of the tax deducted. There is also information about the tax deposited with the government. Part B contains details of salary components, exemptions, deductions and total tax or refundable. It is easy for employers to issue Form 16 to employees by June 15. After this, the process of filing income tax return can be started.
How to use Form 16
Usually, employers generate Form 16 using TRACES. They then send it to all employees. Filing income tax returns has become much easier with the use of digital Form 16. The Income Tax Department’s platform automatically imports the salary details of employees. It also imports TDS and exemption details. After filing the income tax return with the help of these details, the e-verification process has to be completed using the OTP of Aadhaar. This process can be completed through netbanking or by signing the ITR-5 and sending it to the centralized processing center.
