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Form 16 is a TDS certificate issued to the employees of the company. It includes information on salary paid and Tax deduction at source under Section 192 of the Income Tax. It is issued to the employees from 16th June until the next financial year, which acts as proof of income tax paid. Form 16 is an important document to fill out the ITR as it includes some crucial information, PAN, TAN, deductions, and the total tax deposited with the government. On the other hand, Form 16A is a TDS certificate which includes details of the income other than salary, like professional fees, rent, and interests of the different sections of the Income Tax Act. This form is issued to the employers quarterly and includes information about the Deducted PAN, TAN, Amount paid, nature of payment, and deposited and deducted TDS with the government. Form 16A is important to verify the TDS information and ensure correct filing for your Income Tax Returns.
What are the components of Form 16 and Form 16A?
Form 16 includes two parts, A and B.
Form 16A components include:
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Is it important to file Form 16 and Form 16A in my ITR?
Form 16 and Form 16A are very important and crucial documents that include very sensitive financial information of an individual. However, it is not important to file these forms if you have all the supporting documents with you for your income.