This year in 2019 many changes were brought into the Form 16 as well as in Form 24Q for reporting of the income of an employee by the employer to the income tax department. If the employer did not consider any deduction or the employee could not or did not disclose the same to the employer, the employee is entitled to claim the same in the ITR-1 if otherwise eligible and possess the evidence. One should verify the same before the filing of ITR-1. while determining the total income of the employee is also shown in this part. The deduction claimed and considered by the employer under section 80C, section 80D, etc. It shows the break-up of salary received and exemption allowed by the employer while computing the income from salary. Part B of Form 16 contains the computation of Income from salary for the relevant financial year. One must match the amount of TDS with the taxpayer's Form 26AS. Form 16 for Assessment Year 2019-20 will contain the aggregate amount of tax deducted by the employer during the Financial Year 2018-19.
It also includes the 'Amount Paid' column corresponding to TDS amount. Besides, Part A reports how much tax was deducted by the employer from the employee during the previous or financial year with the quarter-wise break-up.
The employer's name, address, PAN and TAN is also mentioned in this part of Form 16. Part A contains the name, address, and PAN of the employee. Form 16 has two parts - Part A and Part B. (a) Form 16: One of the most famous documents among the salaried persons, Form 16 is a TDS certificate which is issued by the employer every year. In this section you will find contents explained in a simple way and adapted to special needs.Before one starts filing of ITR-1, the following documents must be kept handy for easy and smooth filing of the returns: You can notify the Tax Agency of incidents or situations that may constitute tax offences or smuggling, or that may be of importance for the application of taxes.
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