Form 16 is basically a certificate employers issue to their workers. It provides a validation that TDS has been subtracted and deposited with the government authorities on be Part of the worker. It offers a close outline of the payment paid to the worker and also the TDS subtracted. Form 16 filing in Chennai can be done easily through our experienced Tax Consultant in Chennai.

What is Basics Form 16?

Form 16 contains the knowledge you need to organize and file your tax return. Employers should issue it per annum on or before 15th June of successive years, now when the fiscal year within which the tax is subtracted.

Form 16 has 2 elements – Part A and Part B. Just in case you lose your Form 16, you can ask for a replacement from your employer.

Part A of Form 16

Part-A of Form 16 offers details of the quarterly TDS subtracted and deposited, details of PAN, TAN of the employer in conjunction with alternative data. An employer will generate and transfer this as a part of Form 16 through the TRACES ( portal. Before issuing the certificate, the employer ought to certify its contents.

It is necessary to notice that if you modify your job in one fiscal year, each employer can issue a separate Part A of Form 16, for the amount of employment. Some of the elements of Part A are:

  • Name and address of the employer
  • TAN and PAN of employer
  • PAN of the worker
  • Summary of tax subtracted and deposited quarterly that is certified by the employer.

Part B of Form 16

An annexure to Part A is Part B of Form 16. Part B is to be made ready by the employer for its workers and contains details of the breakup of pay, deductions approved underneath Chapter VI A. If you modify your job in one fiscal year, you must get Form 16 from each employer. A number of the elements of Part B notified freshly are:

  • Detailed breakup of pay
  • Detailed breakup of exempted allowances underneath Section ten
  • Deductions allowed underneath the tax Act (under chapter VIA):

The list of deductions mentioned ar as below:

  • Deduction always payment paid, contribution to PPF, etc., underneath Section 80C
    • Deduction for contribution to pension funds underneath Section 80CCC
    • Deduction for employee’s contribution to pension theme underneath Section 80CCD(1)
    • Deduction for taxpayer’s self-contribution to notified pension theme underneath Section 80CCD(1B)
    • Deduction for employer’s contribution to pension theme underneath Section 80CCD(2)
    • Deduction for insurance premium paid underneath Section 80D
    • Deduction for interest paid on loan taken for educational activity underneath Section 80E
    • Deduction for donations created underneath Section 80G
    • Deduction for interest financial gain on bank account underneath Section 80TTA

Details needed from Form 16 whereas filing your return

For Form 16 filing in Chennai here is where you will be able to find sure data for filing your tax return for FY 2019-20(AY 2020-21).

  • Allowances exempt underneath Section ten
  • The breakup of deductions underneath Section 16
  • Taxable pay
  • Income (or allowable loss) from house property reported by worker offered for TDS
  • Income underneath the top alternative Sources offered for TDS
  • The breakup of Section 80C Deductions
  • Summation of Section 80C Deductions(Gross & Deductible Amount)
  • Tax collectible or refund due to Refund Due

Form 16- Part B

Additional data that you will need from your Form 16 filing in Chennai whereas filing your annual return are:

  • TDS subtracted by employer
  • TAN of employer
  • PAN of employer
  • Name and Address of employer
  • Current Assessment Year
  • Your (Taxpayer’s) Name and Address
  • Your PAN

What is the eligibility criteria for Form 16?

According to the rules issued by the Finance Ministry of the Indian Government, each salaried individual who falls underneath the taxable bracket is eligible for Form 16, says Phoenix Tax- Tax Consultant in Chennai.

If a worker doesn’t fall inside the tax brackets set, he/she won’t have to have Tax subtracted at supply (TDS). Hence, in these cases, the company isn’t under an obligation to supply Form 16 to the worker.

However, these days, as a decent work follower, several organizations, even in these cases, issue this certificate to the worker because it contains a consolidated image of the earnings of the individual and has alternative uses furthermore.

What is financial gain from salary?

Phoenix Tax- Tax Consultant in Chennai says any amount received by the remunerator from employment is nonexempt as financial gain from Salaries. Regular payment includes basic regular payment, wages, allowances, bonuses, leave encashment, gratuity, pension, and the other quantity or profit received from the employer. Form 16 is issued by the employer for TDS subtracted and regular payment paid.

Tax filing without Form 16

Yes, tax filing may be done without Form 16 filing in Chennai, although it’s suggested for tax return filing, and also the worker ought to get the Form 16 from his leader per annum. In the absence of Form 16, the worker can refer to his regular payment receipts to arrange annual financial gain and TDS detail.

Points to be noted when checking Form 16

Once a person receives Form 16 from the employer, it is his/her responsibility to confirm that every main point mentioned in that is correct.

In addition to validator the non-public particulars and details of the quantity of financial gain and TDS subtracted, the foremost necessary issue one has to make sure in Form 16 is that the PAN number.

If it’s mentioned inaccurately, one ought to now reach the HR /Payroll/ Finance Department of the organization and obtain an equivalent correction.

The employee is issued a corrected and updated Form 16 by his/her employer. Besides this, the employer would conjointly get to create a correction from their finish by filing revised come of tax, to credit the TDS income to the right PAN, adds a Tax Consultant in Chennai.


Some of the advantages of Form 16 are as follows:

It acts because of the ‘income from salary’ statement of the individual.

It helps at the time of filing tax returns.

It is a supporting document for the supply of visas.

It acts as a signal of financial gain.

It helps keep a tab on all of your tax-saving investments.

It provides a transparent image of the computation, payment, and refund of your taxes