How to upload form 16 in income tax portal

Mar 01, 2018 If you are new to the process of filing taxes in India, it may seem like a daunting task. But, it’s really not. Gone are the days when you needed to spend the whole day at the Income Tax office, because now it just takes a few minutes online. We’re here to help explain the forms and the process so that it is easier for you to e-file your IT returns in only 7 simple steps. Form 16 Let’s begin with the most important document you would need to file your taxes – Form 16. As a salaried person in India, you are bound to be issued a Form 16, also known as salary certificate, by your organization. This is basically a salary TDS certificate issued by the company, with all the details that will assist you while filing your tax returns with the Income Tax department. For those employees not falling in the tax bracket, Form 16 is not issued as they are not liable to pay taxes. Some of the components of Form 16 are: • Employee name, PAN of the employee. • PAN of the company, Tax deduction, and the TAN of the company. • Acknowledgement number of the taxes paid by the employer. • Salary details like gross salary, net salary, details of deductions, incentives, etc. • Education cess, and surcharge amount details. Things to do before uploading Form 16 The first thing you need to do is register on the Next, you need to generate Form 26AS. Use your date of birth in the ddmmyyyy format to open Form 26AS. Now, you need to download the income tax return form for individuals. You wi...

Synopsis The income tax department launched an information statement called Annual Information Statement or AIS. It is a comprehensive statement containing details of all the financial transactions such as income, expenses, investments, tax deducted etc. of an individual. Here are the steps to download AIS and check the information in it. Step 5: Select the download Arrow on the AIS box. A pop-up will appear asking you to select the format for downloading AIS. The statement can be downloaded in PDF format and JSON utility. The PDF is password protected. The password to access the downloaded PDF is a combination of your PAN and date of birth. For instance, if your PAN is AAAAA000A and your date of birth is January 1, 1991, the password for the PDF will be AAAAA0000A01011991. Information in AIS AIS is divided into two parts: Part A and Part B. Part A contains general information such as PAN, masked Aadhaar number, name of taxpayer, date of birth etc. Part B contains comprehensive information of TDS, TCS, Specified financial transactions, payment of taxes, tax demand and refund and other information. Also Read: Check for any errors The income tax department in its press release dated November 1, 2021, has asked the taxpayers to check the information available in the AIS. If there is a mismatch in the information, then taxpayers should inform the same to the income tax department. If the mismatch is not informed to the tax department, then it may be assumed that the informatio...

Understanding Income Tax Form 16 The form 16 comprises of two parts, Part A and Part B. Part A serves as the proof of Form Part A Includes:- • TDS Deducted by the employer. • PAN of the employee. • As certified by the employers, summary of tax deducted and deposited quarterly. • Assessment year. • Period of employment with the employer. • Tax Account Number and PAN of employer. • Form 16 Part A must be generated and downloaded through traces portals. • Form 16 part A also has a unique TDS Certificates Number. • Name and Address of the employer. • The name and address of employee/tax payers. Part B of Form must Include:- • Taxable salary of the employee • Detailed breakup of salary paid • Salary deduction under section 80C and 80U • Details of house property income • Aggregate tax on income • Relief under section 89 • In an individual have more than one job during the year, than he/she will have more than one form 16. • The Part B of form 16 is issued along with part A and is prepared by the employer manually. Components of Income Tax Form 16 • The employees’ personal details like name PAN number, etc. • The details of employers like Tax deduction, name, PAN and collection account number (TAN), etc. • Detailed breakthrough of salary; gross salary, net salary, perks, deductions, etc. • Total income and tax deduction. • An acknowledgement number of taxes paid by the employer. • Education cess and surcharge details. • Under section 191A taxes deduction. • Declarations of payme...

Form 26AS is your tax passbook. It consists of all the taxes that are deducted and deposited against your PAN by your employer, bank or any other entity. Any advance tax and self-assessment tax deposited by you against your PAN will also be reflected in your Form 26AS. In addition to the above details, the Income Tax Department now will provide particulars of tax demands, refunds, all pending income tax proceedings, and proceedings which have been completed during the year. Further, information relating to "Specified Financial Transactions" (SFT) of the tax-payers shall also be shown in Form 26AS. • Part A of Form 16 The next thing to check is Part A of Form 16. It consists of the summary of taxes deducted by your employer. Part A consists of your name, address, PAN and your employer's TAN and PAN and quarterly summary of taxes deducted and deposited with the government against your PAN in each quarter. Part A also enables you to view the taxes deducted from your monthly salary. You can cross check these details with your Chartered accountants advise that it is important to match the tax deducted details shown in Part A of Form 16 with Form 26AS. Archit Gupta, CEO & founder, Cleartax.in, "TDS deducted and deposited which appears in Form 16 must be validated against TDS appearing in Form 26AS. Any discrepancy between your Form 16 and your Form26AS must be reported to the employer. Post rectification, your employer is required to issue you a revised TDS salary certificate." ...

Due to novel coronavirus, the government had extended the income tax related deadlines. The last date of filing Form 16 is one of the important documents required for filing ITR. The form contains the summary of the taxes that are deducted by your employer and deposited against your PAN with the government during the financial year. Apart from taxes details, it also contains the summary of total salary paid by the employer to the employee for the financial year 2020-21. But, what if an employee had switched jobs in the last FY and has more than one Form 16 from all employers or only from the current employer but not from other employer previous employers. Here's a step-wise approach to consolidate the numbers, under various circumstances. Received Form 16 from all employers When an employee has more than one Form 16, then tax computation should be made after considering every Form 16 document. As an employee one must prepare a revised statement of income and revised tax liability to make sure that the tax is calculated as per the correct slab. Archit Gupta, Founder & CEO ClearTax.com explains how to consolidate the figures when one has more than one Form 16. Thirdly, claim the Do keep in mind that from FY 2020-21, an individual has an option either to continue with old tax regime along with claiming dedcutions and tax-exemptions or opt for new tax regime with lower, concessional tax rates. However, under new tax regime, individual cannot claim tax-exemptions and deductions...

According to the Income Tax Act 1961, each employer must deduct a TDS (Tax Deducted at Source) when paying salaries when the employee's salaried income is taxable. The TDS deducted is then deposited to The Income Tax Department, and Form 16 serves as proof of the same. Employers must issue Form 16 to the employees by 15th June of the Assessment year, i.e., the financial year immediately following the financial year in which the tax was deducted. For FY 2022-23, Form 16 must be issued by 15th June '23 at the latest. If you lose your Form 16, you can request a duplicate from your employer. Form 16 is a document issued to salaried professionals by their employers per the guidelines in Section 203 Income Tax Act, 1961. Also called a TDS certificate provides all the details about the salary given to the employee in a particular financial year and the income tax deducted from the individual's salary by the employer or organization. Form 16 is an important document for taxpayers, as it is required for Part A of Form 16 gives the summary of tax collected by the employer from an employee’s salary on his/her behalf and deposited with the government. It is a certificate of guarantee signed by the employer, effectively declaring he/she has already deposited the TDS deducted from the employee's salary. Part A of Form 16 contains the following details that need to be filled in: • Personal Information: Personal Information of Employee as well as Employer; this includes name, address, Per...

According to the Income Tax Act 1961, each employer must deduct a TDS (Tax Deducted at Source) when paying salaries when the employee's salaried income is taxable. The TDS deducted is then deposited to The Income Tax Department, and Form 16 serves as proof of the same. Employers must issue Form 16 to the employees by 15th June of the Assessment year, i.e., the financial year immediately following the financial year in which the tax was deducted. For FY 2022-23, Form 16 must be issued by 15th June '23 at the latest. If you lose your Form 16, you can request a duplicate from your employer. Form 16 is a document issued to salaried professionals by their employers per the guidelines in Section 203 Income Tax Act, 1961. Also called a TDS certificate provides all the details about the salary given to the employee in a particular financial year and the income tax deducted from the individual's salary by the employer or organization. Form 16 is an important document for taxpayers, as it is required for Part A of Form 16 gives the summary of tax collected by the employer from an employee’s salary on his/her behalf and deposited with the government. It is a certificate of guarantee signed by the employer, effectively declaring he/she has already deposited the TDS deducted from the employee's salary. Part A of Form 16 contains the following details that need to be filled in: • Personal Information: Personal Information of Employee as well as Employer; this includes name, address, Per...

Understanding Income Tax Form 16 The form 16 comprises of two parts, Part A and Part B. Part A serves as the proof of Form Part A Includes:- • TDS Deducted by the employer. • PAN of the employee. • As certified by the employers, summary of tax deducted and deposited quarterly. • Assessment year. • Period of employment with the employer. • Tax Account Number and PAN of employer. • Form 16 Part A must be generated and downloaded through traces portals. • Form 16 part A also has a unique TDS Certificates Number. • Name and Address of the employer. • The name and address of employee/tax payers. Part B of Form must Include:- • Taxable salary of the employee • Detailed breakup of salary paid • Salary deduction under section 80C and 80U • Details of house property income • Aggregate tax on income • Relief under section 89 • In an individual have more than one job during the year, than he/she will have more than one form 16. • The Part B of form 16 is issued along with part A and is prepared by the employer manually. Components of Income Tax Form 16 • The employees’ personal details like name PAN number, etc. • The details of employers like Tax deduction, name, PAN and collection account number (TAN), etc. • Detailed breakthrough of salary; gross salary, net salary, perks, deductions, etc. • Total income and tax deduction. • An acknowledgement number of taxes paid by the employer. • Education cess and surcharge details. • Under section 191A taxes deduction. • Declarations of payme...

Mar 01, 2018 If you are new to the process of filing taxes in India, it may seem like a daunting task. But, it’s really not. Gone are the days when you needed to spend the whole day at the Income Tax office, because now it just takes a few minutes online. We’re here to help explain the forms and the process so that it is easier for you to e-file your IT returns in only 7 simple steps. Form 16 Let’s begin with the most important document you would need to file your taxes – Form 16. As a salaried person in India, you are bound to be issued a Form 16, also known as salary certificate, by your organization. This is basically a salary TDS certificate issued by the company, with all the details that will assist you while filing your tax returns with the Income Tax department. For those employees not falling in the tax bracket, Form 16 is not issued as they are not liable to pay taxes. Some of the components of Form 16 are: • Employee name, PAN of the employee. • PAN of the company, Tax deduction, and the TAN of the company. • Acknowledgement number of the taxes paid by the employer. • Salary details like gross salary, net salary, details of deductions, incentives, etc. • Education cess, and surcharge amount details. Things to do before uploading Form 16 The first thing you need to do is register on the Next, you need to generate Form 26AS. Use your date of birth in the ddmmyyyy format to open Form 26AS. Now, you need to download the income tax return form for individuals. You wi...

Form 26AS is your tax passbook. It consists of all the taxes that are deducted and deposited against your PAN by your employer, bank or any other entity. Any advance tax and self-assessment tax deposited by you against your PAN will also be reflected in your Form 26AS. In addition to the above details, the Income Tax Department now will provide particulars of tax demands, refunds, all pending income tax proceedings, and proceedings which have been completed during the year. Further, information relating to "Specified Financial Transactions" (SFT) of the tax-payers shall also be shown in Form 26AS. • Part A of Form 16 The next thing to check is Part A of Form 16. It consists of the summary of taxes deducted by your employer. Part A consists of your name, address, PAN and your employer's TAN and PAN and quarterly summary of taxes deducted and deposited with the government against your PAN in each quarter. Part A also enables you to view the taxes deducted from your monthly salary. You can cross check these details with your Chartered accountants advise that it is important to match the tax deducted details shown in Part A of Form 16 with Form 26AS. Archit Gupta, CEO & founder, Cleartax.in, "TDS deducted and deposited which appears in Form 16 must be validated against TDS appearing in Form 26AS. Any discrepancy between your Form 16 and your Form26AS must be reported to the employer. Post rectification, your employer is required to issue you a revised TDS salary certificate." ...