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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
Form 16 is a certificate issued by employers to salaried individuals after deducting taxes from their salaries. Discover how to download Form 16 online for employees.
Form 16A reflects the claim under TDS of the total earnings and total income taxes deducted for that financial year from other sources of income, apart from your salary. Your deductor generally issues it for the current financial year. Form 16 is a certificate issued to the employees by employers. It confirms that TDS has been deducted and deposited further with the government authorities on behalf of the employees. To get Form 16A, you need to follow simple steps and download the form online from the website of the Income Tax Department.
You need TDS .claim forms when you have income from other sources apart from your salary and choose to file your income tax returns for a financial year with the Income Tax Department. Most banks use this document as a part of their verification process when an individual applies for a loan of any kind, like a housing loan, consumer loan, vehicle loan, personal loan, etc.
Apart from Form 16, there are other forms like 16A and 16B. The difference between Form 16 and 16A is that the TDS deducted on salary is reflected in Form 16, and the TDS that is deducted on other payments is reflected in this certificate. Moreover, Form 16 is generally issued annually, whereas the TDS form 16A certificate is issued quarterly.
Any employed individual earning a salary must file claims under TDS via Form 16. If the earning individuals do not file tax returns, it is not important for them to submit Form 16. However, the employers still have to issue the certificate so that they can keep track of their earnings.
The procedure to download TDS claim forms like Form 16 from the official Income Tax Department website are mentioned below:
16A Form provides details of TDS deducted and deposited quarterly details of PAN and TAN of the employer and other relevant information. As an employer, you can create as well as download Form 16A through the TRACES portal at https://www.tdscpc.gov.in/app/login.xhtml. However, before issuing the certificate, the employer must authenticate the contents of the form
It is important to make a note of the fact that when an employee changes their job in one financial year, each employer issues a separate TDS form 16A for the specific period of their employment with their firm. Some of the important elements of Part A of Form 16 are mentioned as follows:
Having understood the simple and easy-to-follow steps of downloading Form 16, you can now file for your ITR on time and prevent yourself from missing the deadlines and thereby paying the associated penalties. Be wise and make sound financial decisions.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
