With the ITR filing season underway, salaried individuals must ensure they have Form 16—a crucial document issued by employers that simplifies the tax filing process.
Form 16 is a certificate issued by an employer to its employees under Section 203 of the Income Tax Act. It provides a detailed summary of salary paid and TDS (tax deducted at source) during the financial year.
Form 16 is divided into:
Form 16:
If your employer hasn’t issued Form 16:
Always verify details from Form 16 with income tax portal data to avoid mismatches and ensure smooth processing of your return.