Income Tax News: Income tax return filing season is here! However, a lot of salaried taxpayers are at a disadvantage since their Form 16 hasn’t arrived yet. Don’t worry, you can download Form 16 and proceed with submitting your taxes by using this guide.
What is Form 16?
Consider Form 16 to be your report card on income. It displays the entire amount of salary you were paid as well as the amount of taxes deducted during the fiscal year. Accurately submitting your Income Tax Return (ITR) depends on these information.
Why is Form 16 Important for ITR Filing?
For your ITR file, Form 16 is comparable to a golden ticket. It gives the tax department all the information they require to confirm your income and paid taxes. You can guarantee a simple and hassle-free ITR filing process with the help of this form.
Where to Get Form 16 and When?
Form 16 is a legal requirement that your company has to provide by June 15th of the year that follows the fiscal year. Thus, you should anticipate Form 16 by June 15th, 2024, assuming the fiscal year was 2023–2024.
How to Download Form 16 Online
A significant portion of Form 16 can be downloaded from the TRACES website, even though the entire document might not be available online (TRACES refers for TDS Reconciliation Analysis and Correction Enabling System). Check how you can download it.
- Visit the following website to access TRACES: https://contents.tdscpc.gov.in/
- Click on “Login” and select “Taxpayer” from the dropdown menu.
- Enter your user ID, password, and PAN to log in.
- Navigate to the “View or Verify Tax Credit” area.
- Choose “Provisional TDS Certificate 16/16A/27D” .
- Enter the financial year and the quarter for which you would want the information, together with your employer’s TAN (Tax Deduction and Collection Account Number), on the next page.
- Finally, select the form you wish to download (Form 16, 16A, or 27D) under “Provisional Certificate Type”.