ITR Filing FY 2023-24: What is Form 16 and how you can download it to file your income tax return – Times of India

ITR Filing FY 2023-24: As a salaried taxpayer, Form 16 is crucial when filing your income tax return. So, what is Form 16 and why is it important? Form 16 is a certificate issued by employers to employees under section 203 of the Income-tax Act, 1961. It outlines the amount of tax deducted at source (TDS) from the salary of an employee and deposited with the government against their PAN.It also includes investment proofs presented by an employee who has chosen the old income tax regime.
Form 16 is essential for filing Income Tax Returns as it provides a detailed summary of:

What are the components of Form 16?

Part A:
According to an ET report, Part A of Form 16 contains the details of quarterly TDS:

Part B:
It details the salary paid or credited to an employee, along with mentioning the income tax regime an employee opted for – old or new:

It must be ensured that both Part A and Part B of Form 16 bear the TRACES (TDS Reconciliation Analysis and Correction Enabling System) logo to indicate that both parts have been downloaded from the official income tax portal, providing assurance of their authenticity.
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How to download Form 16?

Form 16 can be obtained from the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website or through your employer’s portal.
The given steps must be followed:

Alternative Method (Employee Portal):

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By following these steps, Form 16 can be easily obtained and used to file income tax returns accurately and on time. Form 16 ensures compliance with tax regulations and provides clarity regarding employees’ salary income and tax deductions.