If you have a job, your employer will provide you with Form 16 each year. But do you know why it was released and what you need to see in it most? Form 16 is an annual certificate that the employer issues that detail the taxes withheld from the employee’s pay. The employer must issue Form 16 for the prior fiscal year no later than June 15. Part A and Part B are the two portions that are released.

Part A of Form 16

In addition to the amount paid/deposited and tax withheld at source in respect of the employee, Part A provides information on the monthly tax deductions made by the employer from the employee’s wage as well as the amount deposited with the government.

Part B

For the work profession, Part B of Form 16 is crucial. This aids the worker in filing their income tax return. It includes information on any other income received by the employee and any taxes that were withheld from it. It is significant to remember that the taxpayer must obtain a new Form 16 from each employer if they change jobs within any given year.

Whether the taxpayer chose the new tax system or the old tax regime is also disclosed in Part B. The ITR requests information on the pay, tax refund, and deductions that were taken. This can be determined with ease using the gross salary amount listed in Annexure-I of Part B of Form-16.

The taxpayer must then include information on

the house rent in his return after this. Under section 10 of the income tax, an exemption is available in this. This is clearly visible in Part B below the row for gross salary. As a result, under this portion of Form 16, the taxpayer can also learn about the deductions that are available to them under portion 16 of the Act. The amount of the deduction that will be made by the taxpayer under the previous tax system must be reported at the following stage in the filing of a salary ITR.

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