Form 16 Download Guide For Employees, Key Changes You Must Know For ITR Filing

Form 16 is a very important document for salaried people during income tax return (ITR) filing. It shows how much salary you earned and how much tax was deducted by your employer. Every year, employers give this form to employees to help them file their taxes correctly.

Form 16 has two parts

Part A: This part includes the name and address of the employer and employee, their PAN and TAN numbers, and how much TDS (Tax Deducted at Source) was deducted.

Part B: This part gives a full breakup of your salary, tax-free allowances, deductions under sections like 80C, 80D, and the final tax payable.

How Employers Can Download Form 16 from TRACES:

- Go to the TRACES website

- Log in using your TAN and password

- Click on the ‘Downloads’ tab and select ‘Form 16’

- Pick the financial year and choose Part A and/or Part B

- Enter required details like the TDS receipt number and deduction period

- Once the request is processed, download the form from the ‘Downloads’ section

However, Employees usually get Form 16 directly from their employer by email or through the company’s HR portal.

This year, the government has made some changes after the July 2024 Union Budget. These updates include new ITR forms and stricter rules for showing proof of tax-saving deductions. So, it is important to check Form 16 carefully before filing your return.

Also, the last date to file your ITR has been extended to September 15, so there is some extra time.

Important Tips

- Match Form 16 details with your salary slips and Form 26AS

- Make sure all deductions are correct and supported with documents

- Complete the e-verification after filing to avoid any issues

- Using the correct and updated Form 16 will help avoid errors and possible penalties.