Outlook Business Desk
Form 16 is a document provided by an employer that outlines an employee's total earnings and the tax deducted at source (TDS)
Form 16 comprises two parts: Part A (employer and employee details) and Part B (salary breakup and tax details).
Form 16 simplifies the ITR filing process by providing a comprehensive summary of your income and tax deductions.
Form 16 is provided by an employer. Every employee must ensure to collect it from all employers if during a job change.
Deductions under Sections 80C to 80U are now itemised, aiding in accurate tax computation.
The revamped Form 16 reduces confusion, making it easier for taxpayers to file returns accurately.
Employees who switched jobs must collect Form 16 from each employer for seamless ITR filing.