{"id":96836,"date":"2024-07-18T06:14:18","date_gmt":"2024-07-18T06:14:18","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/07\/18\/itr-filing-fy-2023-24-what-is-form-16-and-how-you-can-download-it-to-file-your-income-tax-return-times-of-india\/"},"modified":"2024-07-18T06:14:18","modified_gmt":"2024-07-18T06:14:18","slug":"itr-filing-fy-2023-24-what-is-form-16-and-how-you-can-download-it-to-file-your-income-tax-return-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/07\/18\/itr-filing-fy-2023-24-what-is-form-16-and-how-you-can-download-it-to-file-your-income-tax-return-times-of-india\/","title":{"rendered":"ITR Filing FY 2023-24: What is Form 16 and how you can download it to file your income tax return &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/i0.wp.com\/static.toiimg.com\/photo\/msid-111827094,imgsize-110180.cms?resize=1280,720&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"ITR Filing FY 2023-24: What is Form 16 and how you can download it to file your income tax return &#8211; Times of India\" title=\"ITR Filing FY 2023-24: What is Form 16 and how you can download it to file your income tax return &#8211; Times of India\" \/><\/div>\n<div>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. <br \/><span class=\"em \" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Form 16 is essential for filing <\/span><span class=\"em \" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Income Tax Returns<\/span><span class=\"em \" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\"> as it provides a detailed summary of:<\/span><\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"15\">\n<ul>\n<li>Income earned through salary<\/li>\n<li>Tax deducted at source (TDS)<\/li>\n<li>Exemptions claimed under various sections<\/li>\n<\/ul>\n<\/div>\n<p><h2>What are the components of Form 16?<\/h2>\n<\/p>\n<p><span class=\"em \" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Part A:<\/span><br \/>According to an ET report, Part A of Form 16 contains the details of quarterly TDS: <\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"26\">\n<ul>\n<li>Name and address of the employer and employee<\/li>\n<li>PAN (Permanent Account Number) and TAN of the employer<\/li>\n<li>PAN of the employee<\/li>\n<li>Period for which employer calculated tax on salary<\/li>\n<li>Summary of the amount paid or credited as salary and tax deducted at source (TDS) as mentioned in respect of the employee<\/li>\n<\/ul>\n<\/div>\n<p><span class=\"em \" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">Part B:<\/span><br \/>It details the salary paid or credited to an employee, along with mentioning the income tax regime an employee opted for &#8211; old or new:<\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"31\">\n<ul>\n<li>Detailed breakup of gross salary: <\/li>\n<\/ul>\n<\/div>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"32\">\n<ol>\n<li> Salary as per provision in section 17(1)<\/li>\n<li>Value of perquisites in section 17(2) <\/li>\n<li>Profits in lieu of salary in section 17(3)<\/li>\n<\/ol>\n<\/div>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"33\">\n<ul>\n<li>Allowances exempted from income tax under section 10<\/li>\n<li>Any other deductions such as standard deduction available to salaried employees<\/li>\n<li>Deductions allowed under Chapter VI-A of the Income Tax Act such as Section 80C, 80D, etc. <\/li>\n<li>Relief under section 89, if any<\/li>\n<\/ul>\n<\/div>\n<p>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.<br \/>Also Read| <a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/budget-2024-income-tax-expectations-are-you-paying-excess-tax-you-may-be-paying-rs-43226-extra-on-rs-10-lakh-income-find-out-why\/articleshow\/111800608.cms\" styleobj=\"[object Object]\" class=\"\" frmappuse=\"1\">Budget 2024 income tax expectations: Are you paying excess tax? You may be paying Rs 43,226 extra on Rs 10 lakh income &#8211; find out why<\/a><\/p>\n<p><h2>How to download Form 16?<\/h2>\n<\/p>\n<p>Form 16 can be obtained from the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website or through your employer&#8217;s portal.<br \/>The given steps must be followed:<\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"48\">\n<ol>\n<li>Visit TRACES website: Go to contents.tdscpc.gov.in<\/li>\n<li>Login or register: Use your PAN as User ID. Complete registration if new<\/li>\n<li>Navigate to downloads: Select &#8216;Form 16&#8217; under the &#8216;Downloads&#8217; tab<\/li>\n<li>Choose type and financial year: Specify Form 16 type (Part A or B) and the relevant financial year<\/li>\n<li>Verify details: Confirm PAN and other required information<\/li>\n<li>Submit request: Enter TDS details (receipt number, date, amount) and submit.<\/li>\n<li>Retrieve Form 16: Download the certificate from the &#8216;Downloads&#8217; section once available<\/li>\n<\/ol>\n<\/div>\n<p>Alternative Method (Employee Portal):<\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"51\">\n<ol>\n<li>Login: Access your company&#8217;s employee portal<\/li>\n<li>Navigate to the tax section: Find and select the tax section<\/li>\n<li>Download Form 16: Locate and download Form 16 from the available options<\/li>\n<li>Verify details: Ensure all details are accurate before downloading<\/li>\n<\/ol>\n<\/div>\n<p>Also Read |<a href=\"https:\/\/timesofindia.indiatimes.com\/business\/financial-literacy\/taxation\/itr-filing-fy-2023-24-what-is-the-penalty-for-late-filing-of-income-tax-return-check-penalties-for-misreporting-tax-other-mistakes\/articleshow\/111758676.cms\" styleobj=\"[object Object]\" class=\"\" frmappuse=\"1\"> ITR filing FY 2023-24: What is the penalty for late filing of income tax return? Check penalties for misreporting tax &amp; other mistakes<\/a><br \/>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&#8217; salary income and tax deductions.<\/p>\n<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":96837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/photo\/msid-111827094,imgsize-110180.cms","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[11218,27371,15065,521,67905,82027,7402,15060,273,15064,22904,79041,3950,301,24531,272,19350,67900],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/96836"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=96836"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/96836\/revisions"}],"predecessor-version":[{"id":96838,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/96836\/revisions\/96838"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/96837"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=96836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=96836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=96836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}