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What is Form 16?

Asked 2019-05-15 01:13:58 by Shreyas Patil

Answered by NewsBytes

Form 16 is the TDS certificate issued by an employer. As per the Income Tax Act, when employers deduct TDS on salaries, they are required to issue a certificate in which details of the tax deducted and deposit is certified.

Will I get Form 16 from my employer even if there is no TDS?

Asked 2019-05-15 01:13:58 by Ananya Bhatnagar

Answered by NewsBytes

Form 16 is a TDS certificate & it is issued only when there is tax deducted. Therefore, if there is no tax deducted, the employer is not required to issue Form 16 to you. The purpose of Form 16 is to serve as a proof of tax deducted and deposited on your behalf.

What is ITR-1 form? Who can fill it?

Asked 2019-05-15 01:13:58 by Charvi Jayaraman

Answered by NewsBytes

ITR-1 form or Sahaj is meant to be filled by salaried individuals. Those with an income of Rs. 50 lakh or less from their salary, one house property, and other sources like interest income. However, from this year, ITR-1 form cannot be used by any person who is either a director of a company or someone who has invested in unlisted equity shares.

Can I file ITRs offline instead of e-filing?

Asked 2019-05-15 01:13:58 by Abhinav Sengupta

Answered by NewsBytes

From this year, it's mandatory for all taxpayers to file ITRs electronically, except for super senior citizens whose age is 80 years or above in the previous year (2018-19). Taxpayers with an income less than Rs. 5 lakh in the previous year were allowed to file a physical return, but this option has now been withdrawn.

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