What is form 16 mean in India?

Answer 1

What is Form 16?

If you are salaried employee in an organization, then you will get the salary after deducting tax by the employer. This process is called as Tax Deduction at Source(TDS). Every company has to get the TIN. TIN is Tax Identification Number. This number is issued to person who is responsible to deduct Tax on payments made to employees.

At the end of financial year, company must issue a form 16 which contains the details about the salary earned by that employee and how much tax deducted. It will have details on each month. In simple terms Form 16is details about the tax deducted by the employer in behalf of employee. The same will be paid to governemt by the company. Many people thing that getting the Form 16 alone is enough for the tax filing. Tax payer has to use the Form 16 to file the IT return every financial year end.

For example, if you have worked in two different companies in the same financial year, he must obtain the two Form 16 to file the IT returns.

What is Form 16A?

The purpose of the Form 16 and 16A is the same except the issuing person. Form 16 is applicable only to the salaried employee. There is many other areas where TDS can be applicable like deducing the tax for interest earned by your Fixed Deposit in the Bank. Here bank is the person who deducts the tax. For every financial year they must issue a TDS certificate to the customer. They have to fill the Form 16A and hand over to the customer.

Answer 2

It is a certificate issued to you by your employer stating the details of the salary you have earned and the tax deducted on your behalf and paid to the government.

ANS#2:

Form-d16 is the TDS-Form to be submitted by the employer stating the amount paid to the Government.

Ans#3:

What is this Form 16?

It is certificate issued by the employer to employee stating the details of income earned and the tax deducted on his behalf and paid to the government. Every employee who is subjected to TDS is supposed to receive their Form 16 from his/her employers. As per the government regulations, there are certain deadlines by which you must receive your Form 16 but in many cases employers don't hand out the form 16's on time. Nonetheless, as long as we get the form 16 at least a month before the tax-filing deadline, we must be good.