Form 16 to File ITR - Here's All You Need to Know

Form 16 is one of the most fundamental records required for filing income tax returns. It is basically an authentication business issue to their workers. It approves the way that TDS has been deducted and saved with the experts in the interest of the worker. Form 16 is given by a business and it contains the information you have to get ready and document your tax return. 
Form 16 is an essential certificate issued by an employer and it comprises the information you need to prepare and file your income tax return for the respective assessment year. Note that Employers must issue it consistently at the very latest 15 June of the following year, following the budgetary year in which the tax is deducted. In any case, this year since the ITR filing date has been stretched out to November 30, the date for giving Form 16 has been relaxed too. 
The Form 16 can only be downloaded or issued by the employer. An individual can not download or get Form 16 from any sources. It's a common misconception that the Form 16 can be downloaded from the TRACES website using the taxpayer’s PAN details. The Form 16 can be availed from the employer and is a mandate for all salaried employees. In case the employee loses the Form 16 issued by the employer, he/she can request a duplicate copy of the Form from the employer. 

Components of Form 16

Form 16 comprises two segments – Part A and Part B. On the off chance that you lose your Form 16, you can demand for a copy from your manager. In the event that you change your job in one monetary year, each business will give a different Part A of Form 16, for the time of work.

Component of Part A of Form 16

• Employers’ name
• Employers’ address
• TAN and PAN of the employer
• PAN details of the employee
• Summary and short listing of tax deducted at source and deposited quarterly. This data will be certified by the employer. 

Part B is an annexure to Part A. In the event that you change your job in one monetary year, at that point it is for you to choose if you would need Part B of the Form from both the businesses or from the last employer.

Component of Part B of Form 16

• Salary breakup
• Exempted allowances under section 10 breakup
• List of deductions allowed under the Income Tax Act

Note that the government has lately notified the relaxations in different tax-related cutoff times, including the issuance of Form 16. This money related year, bosses can give Form 16 till August 15 this year. The augmentation has taken into account the progressing coronavirus emergency. In this manner, employers who haven't documented the TDS return yet may have deferred the issuance of Form 16. 
In the event that an individual loses Form 16, they can demand for a copy from their manager. Recall that while the onus of deducting tax on compensations and giving Form 16 is on the business, the onus of making good on tax and filing tax returns is on the taxpayer, If your income from all sources is over the base tax section, you are required to settle tax, regardless of whether your employer has deducted TDS or neglected to give you a Form 16. Form 16 is not mandatory for filing the ITR. You can proceed filing without it too but you may be asked to furnish documents or proof to the Income Tax Department in case of anomalies, or discrepancies found in your returns.
Even if the employer fails to issue the Form 16 to the employee, it is mandatory for the employee, ie the taxpayer, to file the ITR on time. While the onus of deducting tax on salaries and giving Form 16 is on the organization/employer, the onus of covering income tax and filing income tax return is on you. On the off chance that your income from all sources is over the minimum tax slab you are required to pay tax and file your returns, regardless of whether your employer deducted TDS. In any event, when the employer neglects to give you a Form 16, you should file an income tax return and pay off the taxes that are expected.