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Form 16 is essentially a certificate employer issue their employees. It validates the fact that TDS has been deducted and deposited with the authorities on behalf of the employee.
Form 16 is a certificate issued by an employer and it contains the information you need to prepare and file your income tax return. Employers must issue it every year on or before 15 June of the next year, immediately after the financial year in which the tax is deducted.
It has two components – Part A and Part B. In case you lose your Form 16, you can request for a duplicate from your employer.
An employer can generate and download this part of Form 16 through the TRACES (https://www.tdscpc.gov.in/app/login.xhtml) portal. Prior to issuing the certificate, the employer should authenticate its contents. It is important to note that if you change your job in one financial year, every employer will issue a separate Part A of Form 16, for the period of employment.
Part B of Form 16 is an annexure to Part A. If you change your job in one financial year, then it is for you to decide if you would want Part B of the Form from both the employers or from the last employer. Some of the components of Part B notified newly for the FY 2019-20 are:
With reference to the image below, here is where you will be able to locate certain information for filing your income tax return for FY 2018-19(AY 2019-20).
You can get your Form 16 from your employer. Even if you have left your job, your employer will provide you the Form 16.
I don’t have Form 16 how do I file my return?
Though this is one of the most important income tax forms, don’t worry if you do not have it. You can still file your income tax return.
If there is no TDS is the employer required to issue a Form 16?
TDS certificate in Form 16 is issued when TDS has been deducted. In case no TDS has been deducted by the employer, he may not give you a Form 16.
When the employer deducts TDS and does not issue a certificate?
Any person responsible for paying salaries is required to deduct TDS before making payment. The Income Tax Act lays down that every person who deducts TDS from a payment, must furnish a certificate with details of TDS deducted & deposited. An employer in specific is compulsorily required to furnish a certificate, in the format of Form 16.
If no Form 16 has been issued to me does it mean I don’t have to pay tax or file a return?