Form-16 both Part-A and Part-B explained in detail. Every employee should understand this form for potential savings and knowing their Gross Total Income (GTI)
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Income Tax Form-16 is a certificate from your employer. It certifies that TDS has been deducted on your salary by the employer. If an employer deducts TDS on salary, he must issue income tax Form-16 as per tax rules of India. Form-16 is issued once in a year, on or before 31st May of the next year immediately following the financial year in which tax is deducted.
In India, one of the most important income tax form is Form-16. It contain most of the information you need to prepare your income tax return in India. Form-16 has two parts Part A, and Part B.
A sample Form-16 highlighted with the important amounts that may need to be used for income tax filing.