Filing Income Tax Returns ( ITR ) is a crucial annual exercise that all taxpayers must undertake diligently. As per the Income Tax Act, taxpayers are required to provide various documents to substantiate their tax claims.
For salaried individuals, Form 16 assumes significant importance as it serves as an essential TDS Certificate issued by employers, detailing the Tax Deducted at Source (TDS) from salary and other components.
Employers deduct and remit TDS monthly following the transfer of salaries to employee accounts. Form 16 serves as a document containing TDS details necessary for filing income tax returns.
Employers are obligated to furnish this form to their employees upon the conclusion of each financial year, typically towards the end of May or before mid-June annually.
Part A of Form 16 encompasses details regarding quarterly TDS deductions and deposits, employer’s PAN and TAN details, among other pertinent information. To obtain Form 16, salaried employees can obtain it from their employers on or before June 15 of the subsequent year following the deduction of taxes.
Notably, Form 16 cannot be downloaded in its entirety from the TRACES website, which stands for TDS Reconciliation Analysis and Correction Enabling System. TRACES, facilitates the reporting of tax deductions made by employers to the Income Tax Department. Additionally, Form 27D, a quarterly statement, confirms the collection and remittance of taxes by the collector, enabling recipients to claim tax credits in their income tax returns.
To download Form 16, 16A, and 27D, taxpayers can follow these steps:
1. Visit the TRACES Portal at https://www.tdscpc.gov.in/en/home.html
2. Access the ‘Login’ section and select ‘taxpayer’ from the dropdown menu
3. Enter User ID, Password, and PAN to log in (User can not enter details in column PAN for Taxpayer as column will be auto-populated on the basis of User Id entered by user)
4. Navigate to the ‘View/Verify Tax Credit’ section
5. Select ‘Provisional TDS Certificate 16/16A/27D’
6. Enter the employer’s TAN, Financial Year, and Quarter for the requested information
7. Choose the desired Form ( Form 16, 16A, or 27D ) from the dropdown menu under ‘Provisional Certificate Type’
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