Income tax rules say, if a company deducts TDS on the salary of an employee, it is required to issue a TDS certificate. The salary of some employees does not come under the purview of income tax. In such a situation, the company does not issue Form 16 for them.
Form-16: The season for filing Income Tax Return has started. The last date for filing income tax return is 31 July 2023. Form 16 is an important document for filing ITR. Salaried taxpayers will start getting Form-16 from their employer ie company. Under Section 203 of the Income Tax Act, it has been made mandatory for companies to give Form-16 to their employees, which has complete details of TDS deducted on their income.
What is Form 16?
Form 16 is a pre-filled form, which contains information about your salary income, TDS deduction, etc. How much salary income you have received from your employer for the whole year, how much TDS has been deducted, how much tax liability has been created, all this is told.
If Form 16 is not there…
Income tax rules say, if a company deducts TDS on the salary of an employee, it is required to issue a TDS certificate. The salary of some employees does not come under the purview of income tax. In such a situation, the company does not issue Form 16 for them. In such a situation, if those employees want to file ITR, they can do so even without Form 16. If you do not have Form 16, you can file ITR with the help of Form 26AS. Form 26AS contains information about TDS and TCS. Along with this, the details of the person’s advance tax and high value transactions are also there.
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