Filling ITR Filing For FY23-24: Here's How You Can Download Form 16, 16A and 27D Online

The process of filing Income Tax Returns (ITR) is an important annual tax-related task for all taxpayers. To support their tax claims, taxpayers must provide various documents as stipulated in the Income Tax Act. For salaried individuals, one essential document is Form 16, which serves as a TDS Certificate provided by employers to employees. Form 16 documents the Tax Deducted at Source (TDS) from salary and other components, providing important information necessary for accurate tax filing.

All employees who receive a regular salary must wait for over two months before they can file their income tax returns (ITR) for the financial year 2023-24. Typically, employers hand out Form 16 around the middle of June, specifically before June 15. For the financial year 2023-24 (assessment year 2024-25), Form 16 should be given out by June 15, 2024.

Companies are required to deduct and deposit TDS (Tax Deducted at Source) every month after transferring the salary to employee accounts. Form 16 is a comprehensive document that includes all the essential details necessary for submitting income tax returns. Employers are obligated to issue this form to their employees at the conclusion of each financial year. Typically, employers provide Form 16 to their employees towards the end of May or before mid-June every year.

Part A of Form 16 contains details of TDS deducted and deposited, quarterly details of the PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) of the employer, along with other relevant information.

Why is Form 16 important?

Proof of Tax Deduction: It serves as evidence that the employer has deducted the appropriate amount of tax from the employee's salary and deposited it with the government on behalf of the employee.

Facilitates Income Tax Filing: Form 16 contains details of the tax deducted at source (TDS), which assists employees in accurately filing their income tax returns with the Income Tax Department.

Proof of Salary Income: Form 16 also serves as proof of the employee's salary income during the financial year, providing important documentation for various purposes such as applying for loans or other financial transactions.

Verification for Financial Institutions: Many banks and financial institutions require Form 16 to verify an individual's income and tax deductions when processing loan applications or other financial services.

Employers are required to issue Form 16 to their employees on or before the 15th of June of the following year, immediately after the financial year in which the tax is deducted. Failure to provide Form 16 by the specified date can result in penalties for the employer, such as a daily fine of Rs. 100 until the default is rectified.

Form 16 Part A and B

Part A of Form 16 contains essential details related to TDS (Tax Deducted at Source) deductions and deposits, along with other pertinent information. Employers can generate and download this section of Form 16 through the TRACES portal, ensuring authentication of its contents before issuance. It's important to note that if an employee changes jobs within a financial year, each employer will issue a separate Part A of Form 16 for the respective period of employment. Here are some key components of Part A:

• Name and address of the employer
• TAN (Tax Deduction and Collection Account Number) and PAN (Permanent Account Number) of the employer
• PAN of the employee
• Quarterly summary of total salary payments made during the concerned financial year
• Summary of tax deducted and deposited quarterly, duly certified by the employer
• These details play an important role in accurately reporting income and TDS deductions while filing income tax returns.

From where to download Form 16 and 27d?

Salaried employees can obtain Form 16 from their employers on or before the 15th of June of the following year, immediately after the financial year in which the tax is deducted. While Form 16 can be partially downloaded from the TRACES website, it is not available in its entirety. TRACES stands for the TDS Reconciliation Analysis and Correction Enabling System.

Form 16A provides a summary of the tax deductions made by the employer on behalf of the employee, which are then reported to the Income Tax Department.

Form 27D is a quarterly statement that indicates the collector has collected and paid the tax to the government, allowing the recipient to claim a tax credit in their Income Tax returns.

It's important to note that Form 16 Part B cannot be downloaded.

To download Form 16, 16A, and 27D from the TRACES website, follow these steps:

• Visit the TRACES website: https://www.tdscpc.gov.in/en/home.html
• Navigate to the 'Login' section and select 'taxpayer' from the dropdown menu.
• Enter your User ID, Password, and PAN to log in.
• Go to the 'View/Verify Tax Credit' section.
• Choose 'Provisional TDS Certificate 16/16A/27D.'
• A page will appear where you need to enter the TAN of the employer, Financial Year, and Quarter for which the request will be made.
• From the dropdown menu labeled 'Provisional Certificate Type,' select the desired form to download: Form 16, 16A, or 27D.

Details you need from Form 16 while filing your return include:

• Allowances exempt under Section 10
• Breakup of deductions under Section 16
• Taxable salary
• Income (or admissible loss) from house property reported by an employee and offered for TDS
• Income under the head ‘Other Sources’ offered for TDS
• Breakup of Section 80C deductions
• The aggregate of Section 80C deductions (gross and deductible amount)
• Tax payable or refund due
• Ensure to include these details accurately while filing your income tax return.

(Disclaimer: The steps provided above for downloading Form 16, 16A, and 27D from the TRACES website are for informational purposes only and may vary based on the website's interface and updates. Users are advised to visit the official TRACES website for the most accurate and up-to-date instructions. Additionally, while filing income tax returns, it is recommended to consult with a tax professional or refer to the Income Tax Act for accurate reporting of income and deductions. The information provided regarding the details needed from Form 16 while filing returns is general in nature and may vary depending on individual circumstances. It is advisable to verify all details with relevant tax documents and seek professional advice if needed.)

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