Form 16 is the TDS certificate issued by the employer to an employee at the end of a financial year. It serves to confirm that the employer has deposited the withholding tax with the government authorities on behalf of the employees. Form 16 is divided into two parts: Part A, Part B
- Part A of Form 16 - Part A of Form 16 depicts the quarterly TDS deducted and deposited by an employer on behalf of an employee. It has the following components:
- Name and address of employer
- Name and address of employee
- PAN and TAN number of the employer
- PAN of the employee
- Assessment year
- Part B of Form 16 - Part B of Form 16 is issued by the employer to employees. This shows the breakdown of salary received by an employee as well as a breakdown of allowances and deductions received. Form 16 will be issued between 25th May to 31st July next Financial Year.
Article is closed for comments.