Have you received your Form 16 yet?

Have you received your Form 16 yet?

As per the income tax rules, the last date by which the employers are supposed to furnish the Form 16 has been extended to the 15th of June. The Ministry of Finance notification has amended the income tax rules and this new date will hold for every year from here on.

So, the time has come for your employer to inform you about the taxes deducted in the previous year i.e. for the financial year 2016-17, latest by June 15, 2017.

In case the employer has not provided the Form 16 to the employee by the due date and delays it, there are penalties in place; he is liable to pay a penalty of Rs.100 per day of default till he issues the form. However, penalty will not exceed the amount of tax deductible.

Got your Form-16

Form-16 is a certificate issued by employer to employee, stating the details of income earned and the taxes deducted on their behalf.

Form-16 is divided into two parts: Part-A and Part-B.

Part-A is the certificate of TDS, which proves that TDS is deducted by the employer. Part-A is generated by TRACES and is mailed by employer to employee at the end of each quarter and/or at the end of financial year.

Part-B is an annexure containing details of Income Chargeable under the head of ‘Salary’, allowances, perquisites, bonus, income tax deductions, Taxable Income, Taxes and TDS.

To file your returns, simply upload your Form 16 on Quicko and we’ll do the rest.

Don’t have a Form 16?

You can still find out your salary income using these steps:-

  1. First of all determine your gross salary (your salary without any deductions or allowances)
  2. Then deduct the fully exempt allowance that you have received as a part of your salary (Eg. Conveyance allowance, Travelling allowance etc.)
  3. Next deduct the exempt portion of the partially exempt allowance. (Eg. Children education allowance, House rent allowance etc.)
  4. Finally deduct the dearness allowance and professional taxes to arrive at your taxable salary.

You can always download your Tax credit statement Form 26AS from the Income Tax E­-filing website. This statement contains details about all your TDS credits, Advance Tax and Self-Assessment Tax paid, refund etc.

 


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