Last Updated on February 28, 2024 by admin
Form 16 is a certificate that employers issue to their employees to certify that they deduct TDS. Form 16 contains two parts, namely Part A and Part B. Part A contains the PAN of the employee and the employer’s TAN. This part also includes names and addresses of both parties, as well as how long the employee worked under the employer and the year of assessment. Assessment year is any financial year will be the following financial year. For example, 2017-2018 is the assessment year for 2018-2019.
What is form 16: Form 16 is a certificate that employers issue to their employees to certify that they deduct TDS. At the end of every financial year, the employer has to issue Form 16 which contains the total amount of salary and tax deducted from an employee’s earnings. Sometimes called salary certificate, form 16 is divided in two parts: Part A, followed by Part B. PAN and TAN of the employer and employee are present in part A, along with names and addresses, how long the employee worked under the employer, as well as the year of assessment.
Form 16 is a certificate that employers issue to their employees to certify that they deduct TDS, which stands for tax deducted at source. At the end of every financial year, the employer has to issue Form 16 which contains the total amount of salary, as well as the amount of tax deducted from an employee’s earnings. Form 16 is also sometimes called salary certificate.
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