Have you received Form 16 from your employer?🤔
Well, if not, you should be receiving it by 15th June🗓️
So, what is Form 16? Let’s break it down🧐
🧵1/7
Well, if not, you should be receiving it by 15th June🗓️
So, what is Form 16? Let’s break it down🧐
🧵1/7
Form 16 is a TDS certificate issued by your employer 👨
It contains details regarding your:
👉 Salary Income 💸
and
👉TDS deducted & deposited on your behalf💻
2/7
It contains details regarding your:
👉 Salary Income 💸
and
👉TDS deducted & deposited on your behalf💻
2/7
The Journey of Form 16🧾:
At the beginning of the Financial Year, you declare your planned Tax saving investments & expenses to your employer via Form 12BB📜
Using this information, your employer calculates & deducts TDS from your salary and files quarterly TDS Returns👩💻
3/7
At the beginning of the Financial Year, you declare your planned Tax saving investments & expenses to your employer via Form 12BB📜
Using this information, your employer calculates & deducts TDS from your salary and files quarterly TDS Returns👩💻
3/7
At the end of the Financial Year, you submit your investment proof to your employer🗃️
Your employer will verify the proof🧑💼
If there is any mismatch between your declaration & the actual investments, your employer will adjust the TDS deducted for the remaining months💰
4/7
Your employer will verify the proof🧑💼
If there is any mismatch between your declaration & the actual investments, your employer will adjust the TDS deducted for the remaining months💰
4/7
Once your employer has filed TDS return for all the 4 quarters🗓️
They can download Form 16 from the Government website commonly known as TRACES🖥️
15th June 2022, is the last date for employers to issue Form 16 for FY 2021-22⏳
5/7
They can download Form 16 from the Government website commonly known as TRACES🖥️
15th June 2022, is the last date for employers to issue Form 16 for FY 2021-22⏳
5/7
What information does Form 16 contain?🤔
Form 16 has 2 parts
Part A is the TDS certificate which contains
⭐️Employer Details
⭐️Employee Details
⭐️Details of TDS deducted & deposited
Part B contains:
⭐️Salary breakdown
⭐️Deductions
⭐️Tax Computation
6/7
Form 16 has 2 parts
Part A is the TDS certificate which contains
⭐️Employer Details
⭐️Employee Details
⭐️Details of TDS deducted & deposited
Part B contains:
⭐️Salary breakdown
⭐️Deductions
⭐️Tax Computation
6/7
You can use your Form 16 to file your ITR easily😉
Want to learn more about Form 16? 📚
Check out 👇
youtube.com
7/7
Want to learn more about Form 16? 📚
Check out 👇
youtube.com
7/7
Loading suggestions...