What Is Form 16?
Form 16 is a certificate issued by your employer that shows how much TDS (Tax Deducted at Source) has been deducted from your salary and deposited with the government.
If you're a salaried employee, this form is one of the most important documents for filing your Income Tax Return (ITR).
Key Components of Form 16
Form 16 is divided into two parts:
Part A:
PAN & TAN of employer
PAN of employee
Period of employment
Summary of TDS deducted & deposited
Part B:
Salary breakup (basic, HRA, allowances, etc.)
Deductions under sections like 80C, 80D
Taxable income & total tax liability
Who Issues Form 16 and When?
Issued by: Your employer
Applicable to: Employees whose salary has TDS deducted
Timeline: Must be issued on or before 15th June of the financial year following the tax year
Why Is Form 16 Important?
✅ Simplifies ITR filing
✅ Verifies TDS amounts deducted
✅ Acts as proof of income (for visa, loans, etc.)
✅ Helps in checking refund eligibility
Vizzve Tip for First-Timers
💡 Don’t panic if your salary is below the taxable limit. Even if there’s no TDS, your employer may issue Form 16 (Part B only) for your reference. Use it to keep track of your earnings and deductions.
With Vizzve’s Tax Calculator and Salary-to-Savings Planner, first-time earners can easily:
Calculate net take-home
Estimate future tax liability
Start smart saving through SIPs or emergency funds
FAQs
Q1: Can I file ITR without Form 16?
A: Yes, but you'll need to refer to your salary slips, Form 26AS, and bank statements.
Q2: What if I changed jobs in the middle of the year?
A: You will receive Form 16 from each employer for the months you worked with them.
Q3: Does Form 16 mean my tax filing is complete?
A: No. Form 16 is just a summary. You must still file your ITR using this form as a reference.
🔐 Pro Tips by Vizzve Finance
🧾 Always compare Form 16 and Form 26AS to check for mismatches.
📤 File your ITR before the deadline to avoid penalties.
💰 Use Vizzve’s tools to plan your investments based on deductions shown in Form 16.
Published on : 7th July
Published by : SMITA
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