Kotak Life
Close

Buy a Life Insurance Plan in a few clicks

Close

Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

Kotak Health Shield

Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

How to file Form 16 online?

How to file Form 16 online?
  • 24th Jan 2022 |
  • 441

For salaried individuals, undertaking financial activities like investing money, building a robust financial portfolio, implementing tax planning, filing and paying taxes timely, etc., hold significant value. One such important financial task is filing income tax returns. However, the process of filing tax returns can be a tricky one, especially for taxpayers that do not belong to financial backgrounds and have little or no knowledge of the typical jargon and nuances of the form and its components.

When it comes to filing ITR, Form 16, a TDS certificate for salaried individuals, plays a significant role. To understand how to submit Form 16 online or how to file income tax returns online with Form 16, read this blog and make the filing process convenient for yourself.

What is the purpose of Form 16?

For the following reasons, Form 16 is an important document:

  • It is documentation that your employer has deducted and deposited your tax with the government.
  • It aids in the electronic filing of tax returns.
  • When you approach a bank for any type of loan, they generally ask for it.

What are the advantages of completing Form 16?

The following are some of the advantages of Form 16:

  • It serves as the individual’s “income from salary” declaration.
  • It aids in the preparation of income tax returns.
  • It is a document used to support the issuance of a visa.
  • It serves as proof of earnings.
  • It offers clarity on how taxes are calculated, paid, and refunded.
  • It facilitates tracking all tax-saving investments.

How to get Form 16 online?

The first step before you fill the form is to download it online. The following is the procedure for downloading Form 16 from the official website of the Income Tax Department:

  • Visit the Income Tax Department’s official website at https://www.incometaxindia.gov.in/Pages/default.aspx.
  • The ‘Income Tax Forms’ option can be found under the ‘Forms/Download’ section; select it.
  • The ‘PDF’ and ‘Fillable Form’ options are available under ‘Form 16’.
  • Select the appropriate option
  • On the following page, you will be able to download the form.

How to file Income Tax Return online with Form 16?

When filling your ITR, different specifics are available on Form 16. These particulars include the following:

  • All exemptions or allowances under section 10
  • The total amount of your taxable salary
  • Details of all the deductions as per section 16
  • Income from house property for which TDS is deducted for the assessment year
  • Income from other sources for which TDS is deducted for the assessment year
  • Details of all deductions as per Chapter VI-A of Income Tax Act, 1961. This includes all deductions under section 80C, section 80CCC, section 80CCD (1), section 80CCD (2), section 80CCD (1B), section 80D and section 80E
  • The average deductible amount under Chapter VI-A, including deductions as per section 10 and its sub-sections
  • Refund due or net tax payable

To file your income tax returns, some additional details from Form 16 are required. These are:

  • TDS by the employer
  • Employer’s TAN
  • Employer’s PAN
  • Employer’s name and address
  • Present assessment year
  • Taxpayer’s name and address
  • Taxpayer’s PAN

It is mandatory to file your income tax return,, even when your employer does not deduct income tax at source or fails to issue Form 16. Careful measures like getting Form 16 from all employers if you worked at multiple organizations in a financial year can prove to be highly beneficial. Be wise and file your tax return on time!

Kotak e-Term Plan

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

4 Reasons Why You Need Critical Illness Cover

Online vs Offline Term Insurance: Which Is The Better Option To Buy

How To Choose the Right Sum Assured Under a Term Plan?

4 Methods to Calculate How Much Term Insurance You Need

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Why is it important to buy term insurance plan?

What is Critical Illness Policy

Why Premium Amount for Term Insurance is So Low?

All About Term Insurance Inbuilt Coverage

Everything About Claim Settlement Ratio for Term Insurance

Term Plan with Spouse Cover

Different Types of Protection Plans

Different Types of Premium in Term Insurance

Busting Myths and Facts About Term Insurance Policies

Can Senior Citizens Avail Term Insurance?

Why 1 Cr Term Plan Is Necessary For Family?

Why Should New Parents Buy Term Life Insurance?

How Not To Get Your Term Insurance Claim Rejected

Why Married People Should Buy Term Insurance Under MWP Act?

What is a short term insurance policy?

How Does A Term Life Insurance Work in India?

Make Your Online Term Plan Your Family's Monthly Pay Cheque

How to Buy 1 Crore Life Insurance Policy Without Medical Test

What Is the Correct Age to Buy Term Insurance?

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Which Death Type Does Your Term Plan Not Cover?

Why does every working woman need life insurance?

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

What Is a Renewable Term Insurance Policy?

Insurance Policy for Housewife In India

Is It Good To Buy A Term Insurance Plan In 2022?

Can Term Insurance Plans Be Purchased As A Gift?

Calculating Term Insurance Premium

Is term Insurance Needed for People With No Dependents?

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Term Insurance Calculator - Everythng You Need To Know

Should You Buy a Term Plan After 40?

Is a Term Insurance Policy Portable?

Term Life Insurance Plan for Smokers vs Non-Smokers

While Buying Term Insurance Compare Features, Not Just Premiums

Ensure Protection Against Death, Disease & Disability With Life Insurance

Is Life Insurance Investment Worthy Enough

Insuring Against Accidents with an Accidental Death Insurance Rider

8 Things To Do After Buying Term Insurance

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

What Should You opt for - Limited or Premium Pay?

All you need to Know about Term Insurance Plans for Housewives

Why Term Plan Should Be The First Step To Securing Your Future?

Protection for your family

How to Identify Term Insurance According to Your Needs?

Can I Get Term Insurance on Behalf of My Spouse?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

5 Benefits of Early Retirement Planning

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

What Types of Deaths Are Covered in a Term Insurance Plan?

How Much Cover Should I Take In A Term Plan?

5 Reasons to Buy Term Insurance When You are in Your 30s

Is Group Term Life Insurance Provided By Employer Sufficient?

Why Term Insurance Is Better Than ULIP?

Why Should You Buy Term Insurance in 2022?

What are the Documents Required for Term Insurance Plan?

5 Things To Consider While Buying Term Insurance Plan

Term Insurance Plans and Policies for Smokers

Why Should You Add a Rider to a Term Insurance Plan?

Why should single women purchase term life insurance?

Term Insurance With Riders In India

Can I Buy Term Insurance for a COVID-19 Patient?

What Are Insurance Riders and How to Choose Them in a Term Plan?

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Individual Life Insurance vs. Group Term Life Insurance

Do Beneficiaries Pay Taxes on Term Insurance?

Choosing Riders for Insurance Plans

4 Things To Expect From Your Term Insurance Plan in India

Insuring yourself against Ill Health with a Critical Illness Rider

How To Calculate The Amount Of Term Life Insurance You Need?

Importance of Term Insurance at Every Stage of Your Life

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

Buying A Term Insurance Plan? Take These Factors into Account

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Do I Need to Give a Medical Test for Term Insurance in India?

Tips to Choose the Right Term Period for Term Insurance Plan

10-Year Term Life Insurance Policy - Explained in Detail

Key Differences Between Term Insurance, ULIPs, And Health Insurance

What Are the Best Term Insurance Plans for Planning Retirement?

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Comparing Term Plans – What Should You Look Out For

Difference between Term Insurance and Life Insurance

Term Insurance: Smokers vs Non-Smokers

Can I Extend the Tenure of My Term Insurance Plan?

Gift Your Father A Term Insurance Plan This Father's Day

Why Should You Not Take A Term Plan Without Medical Test in India?

Why Term Insurance Is Important in times of COVID-19?

5 Term Insurance Benefits for Single Women

Should You Have Multiple Term Life Insurance Policies?

Is ₹1 Crore Term Insurance Good Enough Cover?

Eligibility Criteria for Buying Term Insurance in India

What is Term Insurance - A Complete Guide

8 Benefits of Term Insurance You Should Know

9 Ways to Help Family Members in Financial Trouble

Is There Any Tax Benefit on Term Insurance?

6 Reasons That Make Term Insurance a Must Buy

Term Insurance with Critical Illness

Should Youngsters, Working Couples Buy Term Insurance Plans?

What is Insurance Premium - A Detailed Guide

Is Term Life Insurance Plan an Investment or Expense?

Advantages of Buying Term Insurance in Your 50s

Term Insurance Age Limit – Term Plan for All Age Groups

Can You Increase Your Term Insurance Cover?

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

Advantages & Disadvantages of Term Insurance in India

Term Insurance Basics You Should Know

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Insuring Against Disability With Disability Insurance Rider

Insuring Protection Against Death With Death Insurance Rider

8 Factors to consider before choosing a Critical Illness Insurance

How Does Term Life Insurance Work? Learn the Benefits

How to Surrender Term Life Insurance When you have No Liabilities

How to Ensure That Your Term Insurance Claims Are Never Rejected?

What are incremental term insurance plans?

What Should Be The Duration Of Your Term Plan in India?

Can I Make Changes to My Term Insurance Policy Post Purchase?

How To Choose the Right Term Insurance Plan?

6 Types of Death not covered in Term Insurance Plan

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Best Investment Plans for Children - Secure Your Child's Future

Steps on How to Buy Term Insurance Online

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Does Term Insurance Cover Accidental Death?

What All Documents Required For Term Insurance In India?

Endowment Plans vs Term Plans: Understanding the difference

Top 3 Reasons Why You Should Buy A Term Plan Now

9 Most Frequently Asked Questions on Term Insurance

How Much Term Life Insurance Cover Do I Need in India?

Why Buy Term Insurance Even at Rising Rates?

What Happens if you Hide Facts in your Term Insurance?

How to Compare Term Insurance Online

Know How to Invest at Every Age for Larger Returns

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Do You Need Term Insurance Cover After Retirement?

Reasons You Need Term Insurance Plan as a Self-Employed Person

Understanding Term Insurance Riders

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

Tax Benefits of Term Insurance in India

Increasing Term Insurance and Riders

Cost of Term Insurance Likely to Increase Soon

How To Change The Nominee in Term Insurance?

Planning For Children's Future

How Much Term Insurance Do I Need

Term Insurance – Why You Must Include In Your Financial Planning?

Why Buy Term Insurance Plan With a High Cover?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

Term Plans are Definitely Cheaper than You Think!

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Planning For Son or Daughter's Wedding

Make Your Online Term Plan Your Familys Monthly Payout