Form 16 is a TDS certificate on salary issued by an employer. Form 16 contains the details of income earned and the taxes deducted and deposited on your behalf by your employer. Form 16 is divided into two parts Form 16 Part A that contains the details of TDS. Form 16 Part B contains a detailed breakdown of your salary.
When will I get my Form 16 PDF?
Employers issue Form 16 by the 15th of June every year after downloading it from TRACES. However, due to Covid-19, employers will issue Form 16 for FY 2019-20 by 15th August 2020.
What is the password to open form 16 pdf?
The password to open Form 16 pdf is usually either your PAN, Date of Birth or a combination of both. The employer generally mentions the password to open your Form 16 pdf in the email. You can still upload your Form 16 pdf on Quicko to prepare and file your Income Tax Return.
Is Form 16 necessary to file Income Tax Return?
No, it is not mandatory to have Form 16 PDF to file Income Tax Return for salaried. Although Form 16 is an important document for salaried individuals, since it contains details like Salary, TDS deducted, Chapter VIA deductions, etc. In case you do not have your Form 16, you can get these details from your salary slips, Form 26AS, bank statements, and other documents while filing your ITR.
Can I file my Income Tax Return without Form 16, if my employer does not issue Form 16?
Yes, you can still file your ITR without Form 16. Use documents like salary slips. Form 26AS, bank statements, etc. to prepare and file your Income Tax Return. In case the employer does not issue Form 16, they are liable to a penalty of INR 100 per day u/s 272A(2)g.
Will I get Form 16 even if my employer has not deducted any tax?
Usually, the employer issues Form 16 when TDS is deducted on your salary. However, an employer can still issue Form 16 Part B to you with a detailed breakdown of your salary.
I have changed jobs during the year, how can I file ITR with two Form 16?
You will receive multiple Form 16s if you have switched jobs or had multiple jobs during the financial year. In such case, you can upload your multiple Form 16s on Quicko and file your Income Tax Return for free.
I lost my Form 16, what should I do?
If you have lost or misplaced your Form 16, you can ask your employer to provide for a duplicate Form 16. Usually, employers give Form 16 in a PDF format via email, you can check your email inbox and find it there. You can also use your Form 26AS to check the details of TDS deducted and deposited on your behalf.
Can I claim deductions apart from the ones shown in Form 16 Part B?
Yes, you can claim deductions for that are not mentioned in your Form 16 Part B. In case you missed reporting some deductions to your employer using your Form 12BB, it may not reflect in your Form 16 Part B. In such case you can add them while preparing your ITR.
Will I receive form 16 if I earn pension income?
No, usually pensioners do not get form 16 from ex-employers. However, they can know the amount of taxable pension from your Form 26AS along with TDS Deduction. The taxpayer needs to show pension income as salary income and a standard deduction of Rs. 50,000 is allowed on the pension income.
How to file ITR with Form 16?
You can file your Income Tax Return using your Form 16 on Quicko for free.
Click on Upload Your Form 16 Part A and Form 16 Part B and select Form 16 PDF using browse from your computer.
If your Form 16 pdf is password protected you will be asked to enter the password.
Enter your email address
Your Form 16 will be read automatically and the details will be prefilled.
Your profile will be created and you can add details like Aadhaar, date of birth, father's name, mobile number, etc. that are not mentioned in your Form 16 but are necessary to file your ITR.
You can add other income sources like bank interest, rent on house property, capital gains from the sale of shares, business income from trading, etc.
Enter bank account details for the refund which will be reported in your ITR.
You can verify your ITR that is prepared on the review page and file your return.
In case there are any tax dues, you will need to pay those before you can file your ITR.
You will get a confirmation message, and once the ITR is filed you will receive ITR-V Acknowledgement on your email.