Income Tax Form 16
Have you received form 16 from your employer? This is the right place to learn what to do with this income tax form. People are often confused using the form no. 16 as it has two different parts. This income tax for is also known as TDS form. Basically, form 16A (Part A) is a TDS certificate issued by your employer. While Part A is for employees, the Form 16 B is a certificate for TDS deducted on the sale of property. Further details shared in the post will help you to understand the forms better. Also, download form 16A and 16B using the links shared here.
We will show you how to download 16 form – Part A & Part B online from the income tax as well TDS traces. This form is issued to the employees on the yearly basis on 31st of May. This form is a proof showing that the employer has deducted the TDS from your salary. Also you can download TDS return form onine. Hence, it is a proof of your income tax payment paid by your employer on your behalf. Also, understand the form 16A and form 16B.
How to Download Form 16
The official website of TDS traces allows free download of all the income tax forms. Deductor as well taxpayers can follow the below link of TDS traces website.
If you are not registered, create your user id and password for login. If already registered, login to the traces site
Login using your id and password. Use your TAN number as password.
After login, visit the ‘Downloads’ section and select the ‘Form 16’. Download the form.
If you are already registered in TRACES website, login using your user id which is your PAN number and password. If not, register yourself using your PAN number as your user id and create a password. After login, visit the ‘Download’ section to download form16.
What is Form 16
Form 16 is a certificate issued under section 203 of the Income Tax Act. The certificate verifies the tax deducted at source i.e. income tax deducted by the employer from the employee’s salary and deposited with income tax.
Any who is earning a fix and regular income as salary is eligible to get form 16 from the employer for the paid TDS. This certificate or form acts as a proof of income and details of tax paid by the employer on behalf of his employee. The certificate contains PAN details of the employer and the employee. It also has TAN details of the employer. The total amount of TDS, education cess, and surcharges are shown in this form.
What is Form 16A
Form no. 16A is a certificate issued for income tax deducted under section 203 of IT Ac for income other than salary. Anyone who is self-employed or a qualified professional is eligible for form no. 16A certificate. This certificate is generally issued against rent, professional charges, commission, hired machines etc.
How to Download Form 16B
Form 16b is also a TDS certificate which is issued by the deductor or buyer of the immovable property. The certificate is issued to the seller of the immovable property against the tax deducted on the sale. Only a purchaser or buyer can register on the TDS traces website and download the form no. 16B. A buyer will need the unique acknowledgment number which is generated while filing 26QB form.
Form 16 is one of the most used income tax form for the salaried people. It comes in two parts – Part A and Part B. The Part A of the form contains details of the PAN, TAN, name and address of the employer and employee. The Part B contains details like salary breakup, relief under section 89, and TDS deductions. The Part A is downloaded from the TDS traces website. But the Part B of the form 16 is prepared manually by the employer. Keep visiting iforms.co.in for downloading useful forms from the official website.