Respected Seniors,
I have joined a bank as Regional HR. Some employees of my region are asking me about their Form 16. So, I need your kind guidance on this.
What is Form 16? How is it calculated? Who is eligible? What is the role of the financial year?
I need your valuable instructions regarding this headache.
Regards,
Satish Bhardwaj
stsbrd.02@gmail.com
From India, Gurgaon
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2I have joined a bank as Regional HR. Some employees of my region are asking me about their Form 16. So, I need your kind guidance on this.
What is Form 16? How is it calculated? Who is eligible? What is the role of the financial year?
I need your valuable instructions regarding this headache.
Regards,
Satish Bhardwaj
stsbrd.02@gmail.com
From India, Gurgaon
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Hi Satish,
Form 16 is issued by the HR department of a company to its employees. It contains all the details of the salary received along with the deductions made during the financial year, and it is prepared based on the Salary Register.
This Form 16 is required to be issued by the HR department for individuals to file their Income Tax Returns.
I hope your query is resolved. If you need more information, feel free to call at 09672616784.
Regards
From India
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Form 16 is issued by the HR department of a company to its employees. It contains all the details of the salary received along with the deductions made during the financial year, and it is prepared based on the Salary Register.
This Form 16 is required to be issued by the HR department for individuals to file their Income Tax Returns.
I hope your query is resolved. If you need more information, feel free to call at 09672616784.
Regards
From India
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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 given either when an employee leaves the company or at the end of the financial year.
More Information on Form 16
More information about the details and generation is explained in detail here. Suggest checking this Form 16 Generation - greytHR Admin Guide - Greytip Documentation.
Regards.
From India, Bangalore
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More Information on Form 16
More information about the details and generation is explained in detail here. Suggest checking this Form 16 Generation - greytHR Admin Guide - Greytip Documentation.
Regards.
From India, Bangalore
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There's a small correction in the response from one of our fraternity members.
Understanding Form 16
Form 16 is purely a financial document based on 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 Department).
This document helps you with the details of your earnings (and 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).
Filing Your Returns
Your CA or you need to consider all these details from various Form 16s while filing your returns, computing your total earnings for the year, and calculating 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 a 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 income tax 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 your returns.
That's it about Form 16.
Cheers,
A.B.
From India, Mumbai
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Understanding Form 16
Form 16 is purely a financial document based on 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 Department).
This document helps you with the details of your earnings (and 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).
Filing Your Returns
Your CA or you need to consider all these details from various Form 16s while filing your returns, computing your total earnings for the year, and calculating 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 a 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 income tax 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 your returns.
That's it about Form 16.
Cheers,
A.B.
From India, Mumbai
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Income tax and form 16.xls