Form 16 Download 2020-21: Everything You Need to Know
If you are a salaried employee in India, then you must have heard of Form 16. It is a certificate that your employer issues to you every year, showing the details of your salary, allowances, deductions, and taxes deducted at source (TDS). It is one of the most important documents for filing your income tax return (ITR).
In this article, we will explain everything you need to know about Form 16, including its components, how to download it from the TRACES portal, how to file your ITR using it, and some frequently asked questions. Let's get started.
form 16 download 2020-21
What is Form 16 and why is it important?
Form 16 is a certificate issued by your employer under section 203 of the Income Tax Act, 1961. It shows the amount of TDS deducted from your salary income by your employer and deposited to the government on your behalf. It also shows your other income sources, tax benefits, and tax calculations for the financial year.
Form 16 is important because it serves as a proof of your income and tax payment. It helps you to file your ITR accurately and claim the refund of excess tax paid if any. It also helps you to avoid any penalty or notice from the income tax department for non-compliance or mismatch of income.
Form 16 consists of two parts: Part A and Part B. Let's see what each part contains.
Form 16 Part A: General information and TDS details
Form 16 Part A contains the following information:
TDS certificate number
Date up to which form 16 is updated
Name and address of employee and employer
PAN & TAN of the employer
PAN of the employee
Period of employment with the employer
Assessment year for which TDS deducted
Summary of TDS paid or credited quarterly
Form 16 Part A is generated and downloaded by the employer from the TRACES portal of the income tax department. TRACES stands for TDS Reconciliation Analysis and Correction Enabling System. It is a web-based application that enables the deductors, deductees, and other stakeholders to view and manage their TDS related transactions.
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Form 16 Part B: Salary and tax computation
Form 16 Part B contains the following information:
Gross salary of employee and allowances like house rent allowance (HRA), leave travel allowance (LTA), leave encashment, gratuity, etc.
Deductions under entertainment allowance and tax on employment
Exemptions under section 10 such as conveyance allowance, medical reimbursement, etc.
Deductions under section 80C, 80CCC, and 80CCD such as investments in provident fund (PF), public provident fund (PPF), life insurance, pension, etc.
Deductions under other sections such as 80D for medical insurance, 80E for education loan, 80G for donations, etc.
Total income and taxable income of employee
Tax on total income and education cess
Relief under section 89 for arrears or advance salary
Tax payable or refundable after TDS
Form 16 Part B is prepared and issued by the employer manually or using software. It is not mandatory for the employer to issue Part B, but it is advisable to do so as it helps the employee to file the ITR easily.
How to download Form 16 from TRACES portal?
If your employer has deducted TDS from your salary and deposited it to the government, then you can download Form 16 Part A from the TRACES portal. You will need a valid login ID and password to access the portal. Here are the steps to download Form 16 from TRACES portal:
Step 1: Register as a deductor on TRACES portal
If you are an employer or a deductor, then you need to register yourself on the TRACES portal using your TAN and PAN. You will also need to provide some basic details such as name, address, email, phone number, etc. Once you register, you will receive a confirmation email with a link to activate your account.
Step 2: Login to TRACES portal and go to Downloads tab
Once you activate your account, you can login to the TRACES portal using your TAN and password. You will see a dashboard with various options. Click on the Downloads tab and select Form 16/16A from the drop-down menu.
Step 3: Select Form 16/16A and enter the details
You will see a screen where you can select Form 16 or Form 16A depending on whether you want to download the certificate for salary or non-salary income. You will also need to enter some details such as financial year, quarter, form type, PAN of deductee, etc. You can also select multiple PANs if you want to download Form 16 for more than one employee. Click on Go to proceed.
Step 4: Download the Form 16/16A zip file and password
You will see a list of requests that you have made for downloading Form 16/16A. You can check the status of your request and download the zip file if it is available. You will also receive an email with the password to open the zip file. The password is your TAN followed by the request number.
Step 5: Extract the PDF files and verify the digital signature
Once you download and unzip the file, you will see the PDF files of Form 16/16A for each PAN that you have selected. You can open the PDF files using Adobe Reader or any other PDF viewer. You can also verify the digital signature of the certificate by clicking on the signature icon at the top right corner of the PDF file.
How to file income tax return using Form 16?
If you have received Form 16 from your employer, then you can use it to file your ITR online or offline. You will need to choose the right ITR form based on your income sources and fill in the required details from Form 16. Here are the steps to file ITR using Form 16:
Step 1: Choose the right ITR form based on your income sources
The first step is to choose the correct ITR form based on your income sources. There are seven ITR forms available for different categories of taxpayers. If you are a salaried employee with no other income sources except interest income, then you can use ITR-1 or Sahaj form. If you have other income sources such as house property, capital gains, business or profession, etc., then you may have to use other ITR forms such as ITR-2, ITR-3, ITR-4, etc.
You can check the eligibility criteria and instructions for each ITR form on the income tax department's website or consult a tax expert if you are not sure which form to use.
Step 2: Fill in the personal and income details from Form 16
The next step is to fill in your personal and income details in the ITR form using Form 16. You will need to provide your name, address, PAN, Aadhaar number, email, phone number, bank account details and other personal details in the relevant fields of the ITR form. You will also need to fill in your income details from Form 16 such as gross salary, allowances, deductions, exemptions, taxable income, TDS, etc. in the corresponding fields of the ITR form.
You can use the online or offline mode to fill in the ITR form. The online mode allows you to fill in the form directly on the income tax department's website or through a third-party portal. The offline mode allows you to download the form in Excel or Java format and fill it offline and then upload it on the website.
Step 3: Claim the deductions and exemptions under various sections
The third step is to claim the deductions and exemptions that you are eligible for under various sections of the Income Tax Act. These deductions and exemptions help you to reduce your taxable income and save tax. Some of the common deductions and exemptions are:
Section 80C: Deduction for investments in PF, PPF, life insurance, pension, ELSS, etc. up to Rs. 1.5 lakh
Section 80D: Deduction for medical insurance premium paid for self, spouse, children, and parents up to Rs. 25,000 (Rs. 50,000 for senior citizens)
Section 80E: Deduction for interest paid on education loan for higher studies with no limit
Section 80G: Deduction for donations made to specified funds and institutions up to 10% of adjusted gross total income
Section 10(13A): Exemption for HRA received from employer subject to certain conditions
Section 10(14): Exemption for conveyance allowance, travel allowance, etc. received from employer subject to certain limits
Section 10(17): Exemption for allowances received by MPs and MLAs subject to certain limits
You can claim these deductions and exemptions by filling in the relevant fields of the ITR form and attaching the supporting documents such as receipts, certificates, etc.
Step 4: Compute the tax liability and pay the tax dues if any
The fourth step is to compute your tax liability based on your taxable income and the applicable tax rates. You can use the online tax calculator or a spreadsheet to calculate your tax liability. You can also refer to the tax computation table given in Form 16 Part B.
If your tax liability is more than the TDS deducted by your employer, then you will have to pay the balance tax as self-assessment tax before filing your ITR. You can pay the self-assessment tax online or offline through challan no. 280. You will also have to pay interest under section 234A, 234B, and 234C if you have delayed or defaulted in paying your advance tax or self-assessment tax.
If your tax liability is less than the TDS deducted by your employer, then you will be eligible for a refund of excess tax paid. You can claim the refund by filling in your bank account details and verifying your ITR.
Step 5: Verify and submit the ITR online or offline
The final step is to verify and submit your ITR online or offline. You can verify your ITR online using any of these methods:
Aadhaar OTP: You can generate an OTP using your Aadhaar number and mobile number linked with Aadhaar and enter it on the website.
EVC: You can generate an electronic verification code (EVC) using your PAN, bank account number, demat account number, or registered email and phone number and enter it on the website.
Digital Signature Certificate (DSC): You can use a DSC issued by a certifying authority to sign your ITR electronically.
You can also verify your ITR offline using any of these methods:
ITR-V: You can download the ITR-V or acknowledgement form from the website and sign it manually. Then you can send it by ordinary post or speed post to CPC Bangalore within 120 days of filing your ITR.
CPC reference number: You can get a CPC reference number from CPC Bangalore by calling their toll-free number or sending an email. Then you can enter it on the website.
Once you verify your ITR, you will receive a confirmation email from the income tax department. You can also check the status of your ITR on the website or through SMS or email.
Frequently Asked Questions (FAQs) about Form 16
Here are some of the common questions that people have about Form 16:
What is the due date for issuing Form 16 by the employer?
The due date for issuing Form 16 by the employer is 15th June of the next financial year. For example, for the financial year 2020-21, the due date is 15th June 2021. However, due to the COVID-19 pandemic, the due date for issuing Form 16 for the financial year 2020-21 has been extended to 31st July 2021 by the income tax department.
What if the employer does not issue Form 16 or issues it late?
If the employer does not issue Form 16 or issues it late, then the employee can still file his or her ITR using other documents such as salary slips, bank statements, Form 26AS, etc. However, the employee should also request the employer to issue Form 16 as soon as possible and report any discrepancy or error in the certificate to avoid any penalty or notice from the income tax department.
What if there is a mismatch between Form 16 and Form 26AS?
Form 26AS is a consolidated annual tax statement that shows all the taxes deducted or collected at source and deposited to the government on behalf of a taxpayer. It also shows any advance tax or self-assessment tax paid by the taxpayer. If there is a mismatch between Form 16 and Form 26AS, then it may indicate some error or omission in reporting or depositing the taxes by the employer or other deductor. In such a case, the taxpayer should contact the employer or deductor and get the issue resolved before filing the ITR.
Can I claim deductions or exemptions that are not mentioned in Form 16?
Yes, you can claim deductions or exemptions that are not mentioned in Form 16 if you have valid proof of them. For example, if you have invested in a tax-saving instrument that is not reported by your employer in Form 16, then you can claim deduction under section 80C by providing the investment proof. Similarly, if you have paid medical insurance premium for yourself or your family that is not reflected in Form 16, then you can claim deduction under section 80D by providing the premium receipt.
Can I file ITR without Form 16?
Yes, you can file ITR without Form 16 if you have other documents that show your income and tax details. For example, you can use your salary slips, bank statements, Form 26AS, etc. to file your ITR. However, it is advisable to obtain Form 16 from your employer as it makes the process of filing ITR easier and faster.
I hope this article has helped you to understand Form 16 and how to download and use it for filing your ITR. If you have any queries or feedback, please feel free to comment below. Thank you for reading. 44f88ac181
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