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Form 16 or the salary certificate is issued by the employer for each of the financial year (April to March). Form 16 or the salary certificate provides details of the salary income of the employee along with the TDS (Tax deducted at Source) and net paid income. In addition, the Form 16 will contains deductions provided from salary such as Medical reimbursement, Conveyance allowance, Professional taxes, House rent allowance and others. The Employer deducts tax if the income exceeds minimum exemption limit. Further, it is responsibility of your Employer to issue Form 16/ salary certificate within 30 days from the close of financial year i.e. by 30th April. The responsibility of deducting TDS is totally of your Employer and you should not worry whether more or less tax is being deducted from your income. It is important to keep records of tax investments with you, in case your employer does not deduct taxes or deducts extra taxes, and then you would need these certificates for claiming refunds. The deduction of TDS and obtaining Form 16 does not suffice. You are required to file your return of income before the due date, incorporating other income in addition to salary income, and pay taxes or claim refunds, what ever the case may be. Further, in case you forgot to provide full details of tax investments to your employers resulting into extra deduction to taxes by employer. In that scenario also, you can still claim the deduction/ exemptions, but for that you need to file your return of income claiming all the deductions/ exemptions. In case you have not filed your return of income/ online return filing / tax returns for the financial year 2009-10 (March 2010), you can still file the same before March 2011 without penalty. We at www.Taxmantra.com are expert in handling individual taxation. We request you to please contact us immediately for any of the tax issues.
File return of income to claim deductions even if missed in Form 16
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Form 16 or the salary certificate is issued by the employer for each of the financial year (April to March). Form 16 or the salary certificate provides details of the salary income of the employee along with the TDS (Tax deducted at Source) and net paid income. In addition, the Form 16 will contains deductions provided from salary such as Medical reimbursement, Conveyance allowance, Professional taxes, House rent allowance and others. The Employer deducts tax if the income exceeds minimum exemption limit. Further, it is responsibility of your Employer to issue Form 16/ salary certificate within 30 days from the close of financial year i.e. by 30th April. The responsibility of deducting TDS is totally of your Employer and you should not worry whether more or less tax is being deducted from your income. It is important to keep records of tax investments with you, in case your employer does not deduct taxes or deducts extra taxes, and then you would need these certificates for claiming refunds. The deduction of TDS and obtaining Form 16 does not suffice. You are required to file your return of income before the due date, incorporating other income in addition to salary income, and pay taxes or claim refunds, what ever the case may be. Further, in case you forgot to provide full details of tax investments to your employers resulting into extra deduction to taxes by employer. In that scenario also, you can still claim the deduction/ exemptions, but for that you need to file your return of income claiming all the deductions/ exemptions. In case you have not filed your return of income/ online return filing / tax returns for the financial year 2009-10 (March 2010), you can still file the same before March 2011 without penalty. We at www.Taxmantra.com are expert in handling individual taxation. We request you to please contact us immediately for any of the tax issues.