Form 16 Issuance
Form 16 is crucial in filing your income tax return (ITR), especially for individuals who earn a salary. This official document is a certificate for Tax Deducted at Source (TDS).
Colour: White
In essence, Form 16 provides an extensive summary of the following components for a specific financial year, typically spanning from April to March:
- Salary earnings for the employee.
- Various allowances granted to the employee.
- Deductions made from the employee's income.
- Taxes that have been remitted on the employee's behalf.
- When filing income tax returns, Form 16 plays a pivotal role. It empowers individuals to accurately report their income and claim any potential tax refunds they may be entitled to.
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