Form 16 Issuance
Form 16 is the certificate generated under the Income-tax Act for tax deducted at source (TDS) from salary. It is generated by deducting tax by the employer from an employee’s salary and deposit of that tax to the government. This certificate provides a detailed summary of the amount paid or credited to the employee and the TDS on the same.
Types Of Form 16:
Part A- Details of TDS deducted on income
- Name and Address of the Employer.
- Name and Address of the Employee.
- PAN and TAN of the deductor / employer.
- PAN of Employee.
- Amount paid / credited.
- Tax deducted at source.
Part B- Details of components of salary, tax due, tax paid
- Salary break-up.
- Exempted allowances that are other sources of income.
- Deductions under Chapter VI A.
- Relief under Section 89.
- Tax deducted at source.
- Net Taxable Salary.
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