How to Download Form 16 to File an Income Tax Return?

what is Form 16

Despite predictions of a steep 17.5% hike in tax collection in the year 2019, there was only a 4.7% rise in the filing of taxes. This plateauing of tax e-filings in FY2019 is surprising considering that as per estimates, the tax base was supposed to witness a considerable increase, post-demonetization.

Taking into account this slowdown, the government is being far more stringent about the filing of taxes. Form 16 is one of the most important documents for this new taxation regime. It acts as an acknowledgment or certificate of proof of tax deducted at source from salary income and deposited by a concerned employer.

While the onus of deducting taxes on salaries and offering a certificate of the same lies on an employer, an employee must pay Income Tax and file returns. It requires them to have an in-depth idea about what is Form 16 and how to download it and file IT returns.

Downloading Form 16 to file IT returns

  1. Downloading this form

The Income Tax Law mandates that employers with TAN and TDS need to issue this form. It is ideally essential that individuals first familiarise themselves with the two parts of the form prior to filling it up.

  • Form 16A – Serves as a proof of tax deducted at source by the employer.
  • Form 16B – Acts as an annexure that comprises various details, including a detailed salary breakup.

Considering that employers now have an in-depth idea about what is Form 16, they can now look ahead to download this form.

Step 1: Visit the official Income Tax portal.

Step 2: Select the ‘Forms/Downloads’ tab from the top menu of this site.

Step 3: Click on the ‘Income Tax Forms’ option.

Step 4: Download the form in its ‘PDF’ or ‘Fillable form’ (.tx) format.

  1. Filing IT returns with the form

Issuing Form 16 is a mandate for employers deducting tax at the source. Since this form includes details of tax saving investments in case you have declared it with your employer, it can help calculate your tax liabilities. Hence, it is a mandatory document while filing IT returns for salaried individuals.

IT returns can be filed via two processes – online and offline.

  1. Offline process

Step 1: Download the required form from the official IT portal or collect it from the nearest Income Tax office.

Step 2: Submit the form at your nearest ‘Aaykar Sampark Kendra’ along with a filled up acknowledgment form, and copies of required documents (including that of the form in discussion.)

  1. Online process

Step 1: Collect required documents like capital gain statements and Forms 16A.

Step 2: Download and check up on Form 26AS (contains details of all taxes deducted from the income and deposited against your PAN). Cross-check with TDS certificates for any errors.

Step 3: Compute total income, your tax liability, and tax payable for a financial year.

Step 4: File ITR and verify it.

Remember to avail of e-verification acknowledgment post completion of this process.

Considering the income proof that this form carries, it can also be a proof of your financial stability while opting for a credit card. It is used to determine the credit limit of an individual.

There are various benefits of having a credit card other than the ability to make cashless transactions and purchases. These cards come with reward points which help users avail offers against the total credit utilized –

  • Cashback,
  • Voucher,
  • Discount, etc.

Opt for feature-rich cards such as the Bajaj Finserv RBL Bank SuperCard to enjoy multiple other usage features such as –

  • Emergency cash withdrawal with a grace period of up to 50 days,
  • Availing emergency loan against the outstanding loan amount for an interest-free period of up to 90 days,
  • Robust security features,
  • Savings of up to Rs.55,000 annually,
  • Accelerated reward points, etc.

Keeping in mind the convenience of individuals, reputed financers like Bajaj Finserv require minimum eligibility criteria and documentation. Existing borrowers with this leading NBFC also enjoy the added benefit of pre-approved offers that ease the application process to avail financial assistance.

Apart from the convenience to yield such financial tools, Form 16 plays a significant role in verifying that an individual pays his/her IT on time. Taking into account such varied roles played by this form, it is ideally essential to be acquainted with its filing and submission at the earliest.

Know how to use this form to always properly file tax returns. It acts as important documentation required to apply for a Bajaj Finserv credit card online. Download Form 16 today and file your income tax returns.