All about Income Tax Form 16| Form 16 has all the details about the TDS deduction from your paycheck and is submitted to the government by the employer. Therefore, Form 16 is a commonly used income tax-related document in India, which is used when filing ITR. Form 16 is required financial documentation to apply for your ITR. Therefore, a clear understanding of this document is very important for every salaried person in India. What is Form 16? Employers of those earning taxable income are subject to withholding taxes, known as TDS when paying wages.…
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What is Form 16 for Income Tax? With Auto Calculate Form 16 Part B for the F.Y.2021-22
What is Form 16 for Income Tax? Form 16 is nothing more than a certificate issued by your an organization providing information about the salary you received during the financial year and the amount of TDS withheld from your salary. In the event that the income from your annual salary exceeds the original withholding tax limit; then, your employer is required to deduct TDS from your salary and pay it to the Government of India. Employers provide 16 forms to their employees as proof of filing a tax return. If your annual income is…