Owing to a considerable slowdown in tax e-filings across India, the tax-base failed to get its predicted boost despite demonetisation. While tax filing witnessed a growth of 4.7% as compared to last year, the government continues to get more stringent about filing IT returns.
In this endeavour, Form 16 is one crucial document that acts as a certificate of proof of tax deducted and deposited at source from the salary income of individuals.
In case of individuals looking ahead to pay their taxes, and file for the returns, an in-depth analysis of what is Form 16 and how to download it is a mandate.
Downloading the form
Keeping in mind the convenience of potential applicants, the process to download this form has been kept straightforward. All that they need to do is visit the official IT portal online and select the ‘Forms/Downloads’ option from the top menu. Following this, they can then click on the ‘Income Tax Forms’ option and download it in their preferred format (PDF or .tx).
Filing IT returns with Form 16
Considering that this form can comprise of tax-saving investments if declared with the employer, it can be an essential document to compute tax liabilities. Subsequently, this is taken into consideration while filing IT returns.
Individuals can opt for income tax returns via, either – online or offline method. Both of these comprise an easy, step-by-step approach and require submission of this form in the discussion.
This form is also considered a relevant documentation and acts as income proof to apply for financial products like the RBL Bank Credit Card.
Apart from the convenience to avail such financial tools, this form is considered a mandate for visa processing, verifying timely payment of taxes, etc.
