5 days ago
Waiting for Form 16? Here's when will you get it and what to check
Form 16 is an important document for salaried people. It's a certificate issued by the employer, showing how much salary was paid and how much tax was deducted during the year. Many employees wait for this before filing their Income Tax Return (ITR). Wondering when it'll arrive? Here's what you need to per income tax rules, employers must file their e-TDS return for the last quarter (January–March) of the financial year by May 31. Once this is done, they have 15 days to issue Form 16. So, the last date to issue Form 16 is latest by June to CA (Dr) Suresh Surana, "Salaried employees can expect to receive Form 16 for the Financial Year 2024–25 on or before June 15, 2025, in accordance with Rule 31(1)(a) of the Income-tax Rules, 1962. Employers are mandated to issue Form 16 after filing the TDS return in Form 24Q for the fourth quarter, which is due by May 31, 2025."WHO WILL GET FORM 16?
Employers are required to issue Form 16 to employees if they've deducted TDS from their salary. All salaried individuals with tax deductions are eligible to receive as per FY 2024–25 rules, no tax is payable under the new regime for income up to Rs 7 lakh, and under the old regime for income up to Rs5 lakh. So, if your salary is below these limits and no TDS was deducted, the employer may not issue Form INSIDE FORM 16?advertisementWhen it comes to filing your ITR, Form 16 plays a key role. CA Surana said, "Form 16 is a certificate of tax deducted at source (TDS) on salary and serves as a key document for filing income tax returns. It provides a detailed summary of salary paid and TDS deducted, enabling employees to accurately file their Income Tax Return (ITR) for Assessment Year 2025–26, the extended due date for which is 15 September 2025 (Circular No. 6 of 2025 dated 27 May 2025)."Form 16 consists of two parts. Part A shows quarterly details of salary paid and TDS deducted by the employer. It also includes the PAN and TAN of the employer, your PAN, and other related B gives a breakdown of your salary, exemptions, and deductions based on the investment declaration you shared and proofs you submitted. It also shows the final taxable income after considering all eligible deductions and FORM 16 PASSWORD PROTECTED?Form 16 is usually sent as a password-protected file. The password is often a combination of your PAN in either lowercase or uppercase and your date of birth in the format DDMMYYYY or DD/MM/YYYY. Your employer will usually let you know the exact format to use when they send you the in all, Form 16 is an essential piece in your tax puzzle. If your employer deducted TDS, you should get it by 15 June. Make sure all the information in it matches your Watch
