How to File Form 16 for Salaried Employees?
Close
Close

Buy a life insurance plan in a few clicks

Now you can buy life insurance plans completely online right here.

  • Icon for Kotak Preferred e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.

  • Kotak E-Invest Plan

    Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.

  • Icon for Kotak Guaranteed Savings Plan

    Kotak Guaranteed Savings Plan

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

  • Icon for Kotak Preferred e-Term Plan

    Kotak Lifetime Income Plan

    Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!

  • Icon for Kotak Preferred e-Term Plan

    Kotak Health Shield

    The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Back

How to File Form 16 for Salaried Employees?

Save Tax Now
  • 25th Jan 2022
  • 365

How to File Form 16 for Salaried Employees?

How to File Form 16 for Salaried Employees?

Form 16 is nothing but aTDS certificate .that employers issue to their employees as per the laws under the Income Tax Department. This form certifies that the Tax Deducted at Source (TDS) has been deducted from the employee’s salary by the employer. Therefore, 16A Form helps an individual file his income tax return easily and lawfully. In addition, by referring to Form 16, an individual can have an idea of how to fill TDS claims in a better way.

For salaried employees, complete awareness about the rules and regulations pertaining to Form 16 is critical as this form acts as a certificate for the salaried. It acts as a Tax Deducted at Source certificate verification form, which is issued to the employees by the employers they work with in a single financial year. There are two forms in Form 16 - Form 16A and Form 16B.

Components of Form 16A and Form 16B

16A Form has the details of the quarterly deposited TDS, along with the TAN of the employer, name and address proof of the employer and employee, as well as the PAN of the employee.

Form 16B is also a part of the TDS claim process that has the complete break up of salary, other income sources, and the amount declared by the employee, alongside the deductions under chapter VI A, tax deducted at source, relief under section 89, and net income tax payable or refundable.

Tips to fill Form 16 for salary

For individuals who earn income via salary, filling Form 16 is required. Your employer must have asked you to declare your investments and income from other sources as a working professional. You must provide the correct information so that your Form 16 is pre-filled. So, you just have to check and verify those details while filling your TDS claims.

To gain the certificate for the salaried, the following is all that you need to fill:

  • Your gross salary
  • Deductions such as professional Tax, standard deduction
  • Deduction under chapter VI A
  • Deduction under section 80C .for investments like life insurance premiums, PPF investments, etc.,
  • Deduction under section 80CCC for contribution to pension funds
  • Deduction for employee’s contribution under section 80CCD (1) to a pension scheme
  • Deduction under section 80CCD (1B) for taxpayer’s self-contribution to a notified pension scheme
  • Deduction under section 80CCD (2) for employer’s contribution to a pension scheme
  • Deduction under section 80D .for health insurance premium
  • Deduction under section 80E for interest paid on loan taken for higher education
  • Deduction under section 80G for donations
  • Deduction under section 80TTA for interest income on savings account
  • Total taxable income of the employee
  • Rebate
  • Tax amount after rebate
  • Tax amount payable or refundable
  • The TDS claims process is simple if you fill in these details carefully. Usually, the organization you are working with has a finance department that takes care of Form 16. Still, if you want to fill in the particulars or make any changes, you will have to take care of and declare your income and investments carefully.

- A Consumer Education Initiative series by Kotak Life

Also read

  • 52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

    52 weeks savings plan is one of the best daily savings plan. Click here to read more about the concept! Invest in online savings plan today for better...

    Read more
    • 24th Jan 2022
    • 466

    How can I get Form 16B from traces?

    Form 16B is a TDS certificate issued to a seller by a purchaser. It assists taxpayers in determining the overall amount of TDS when buying a home.

    Read more
    • 31st Jan 2022
    • 420

    What is Section 80C Deduction Limit?

    Section 80C of ITA states that there are limitations on the tax return amount for both spendings and investments. An individual can claim deductions w...

    Read more

Related Plans

  • Kotak Assured Income Accelerator

    Kotak Assured Income Accelerator

    Kotak Assured Income Accelerator ensures that you get Guaranteed Income every year on the same amount of savings and that the Guaranteed Income increa...

    Know more
  • Kotak Ace Investment

    Kotak Ace Investment

    Kotak Ace Investment Plan is designed with the clear objective of helping you accumulate wealth and provide you adequate life cover.

    Know more
  • Kotak Assured Pension

    Kotak Assured Pension

    Kotak Assured Pension is an annuity plan that promises to pay a regular stream of income on immediate basis or post deferment period for life, ensurin...

    Know more