InvestorQ : What are the details that are required from Form 16 when filing one’s tax return?
Anjali Desai made post

What are the details that are required from Form 16 when filing one’s tax return?

Answer
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1 year ago


Form 16 is a salaried individual’s most important tax document. It is a statement of the tax deducted at source (TDS) or the tax that the company deducts at its end from your monthly salary and deposits with the government on your behalf.

Form 16 comes in handy when you are filing your income tax returns as it helps you calculate how much tax you have already paid and how much is due.

If your company has deducted more TDS on your behalf, and hence if you’ve paid more tax than you are liable to, then you can claim a refund from the Income Tax Department.

Here are the details you will require from your Form 16 when filing your tax return:

1. Taxable salary 2. Breakup of Section 80C deductions 3. Aggregate of Section 80C deductions (Gross & Deductible Amount) 4. TDS (Tax Deducted at Source) details 5. Tax payable or refund due

Additional information, which you will require from your Form 16 while filing your annual IT return are:

a. TDS deducted by employer b. TAN of employer c. PAN of employer d. Name and address of employer e. Current ***essment year f. Your (taxpayer’s) name and address g. Your PAN details