Regarding Form 16 - Bank Employees - CiteHR
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Respected Seniors,
I have joined a bank as Regional HR. Some employees of my regions are asking me about their form 16. so on this need your kind guidance over it.
what is form 16 ?
how it is calculated ?
who are eligible ?
what is the role of financial year ?
need your valueable instrucions over this headace
regards,
Satish Bhardwaj
stsbrd.02@gmail.com

Hi Satish,
Form 16 is issued by HR cell of a Company to its employees, wherein all the particulars of Salary drawn alonwith deductions made during the Financial year are given, which is prepared on the basis of Salary Register.
THis Form 16 ir required to be issued by HR call so as to file the Income Return by an individual.
Hope Ur query is solved. In case of any more inf. feel free to call at 09672616784
Regards

Dear Satish,
Form 16 shall be issued to an employee once a year if they are paying income tax. This contains complete information on all the salaries paid to the employee along with information on Perquisites, Exemptions, Deductions, and Tax calculations. This is give either when an employee leaves the company or at the end of the Financial year.
More information about the details and generation is explained in detail here. Suggest to check this
Form 16 Generation - greytHR Admin Guide - Greytip Documentation

what is form 16 ? - Defined below but shows the earnings, other income and the taxation deducted @ source.
how it is calculated ? - Calculated at earnings irrespective of deductions, etc
who are eligible ? - All salaried employees.
what is the role of financial year ? - Filing.
need your valueable instrucions over this headace - sure is, unless you talk to your payroll team and find out when it will be issued.

Hello Satish,

There's a small correction in the response from one of our fraternity members.

Form 16 is purely a financial documents based of the total emolument being paid by the company along with the details of the applicable Income Tax that is deducted from your salary (which the Finance team submits to the Income Tax Dept.).

This documents helps you with the details of your earnings (& tax deposited) from your employer. Similarly, the various banks from where you would have earned interest on your Fixed Deposits, HDFC Ltd., Company F.D.'s, etc will all furnish you with Form 16 specifying the total money you would have received from the respective source along with the deducted tax (which each of these banks/HDFC Ltd. would have deposited with the income tax against your PAN number).

Your CA or You need to consider all these details from various form 16 while (filing your returns) computing your total earnings for the year and calculate the applicable tax, already paid-out tax and the due tax. (You can also get the same details to reconfirm the total earnings from 26AS, which is an document that you can pull out for yourself by furnishing your PAN details on the income tax website. The same is also available by opening your account through internet banking and clicking on the link 26AS, which will lead you to the incometax website. So, all these Forms help you calculate your income tax accurately which needs to be paid out to the Income tax department while filing you returns.

That's it about Form 16.

Cheers, A.B.

Respected Seniors, thanx for your valuable guidance. Regards, Satish Bhardwaj
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