Form 16 Download 2020-21: Step by Step Process and Benefits

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).

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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.

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.

Form 16 Part B: Salary and tax computation

Form 16 Part B contains the following information:

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• 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 ad