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Did You Check Your Form 16? Research Team | Posted On Wednesday, August 08,2018, 03:13 PM

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Did You Check Your Form 16?




Form 16 is a certificate issued by your employer stating that TDS has been deducted and deposited with the tax authorities on your behalf. You need Form 16 when filing income tax returns (ITR). Your employer gives the Form 16 around June 15th . Form 16 follows the financial year in which tax has been deducted.

Form 16 has two parts. Part A of Form 16 has the employers name and address, Employers TAN and PAN, employees PAN and the summary of the tax which is deducted each quarter and deposited with the tax authorities. Part B of Form 16 contains detailed salary breakup, various deductions under the income tax act and relief under Section 89.

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Did You Check Your Form 16?


Why do you require the Form 16 when filing taxes? The Form 16 helps calculate your taxable salary, the breakup of the Section 80C deductions, and the tax payable or any refunds due.


1. What to do if Form 16 has errors?


What do you and other salaried employees do when you get Form 16? You will most probably dump it somewhere and wait for tax season to pull it out.

Check Form 16 when you receive it to detect any errors. If you do this there’s sufficient time to fix any errors. One of the most important data in Form 16 is the PAN. Check if there are any errors in the PAN. If you find an error, inform your employer immediately.

If the employer has deducted TDS with the wrong PAN, the error needs to be rectified by filing revised returns of the TDS, so that you get a credit of the proceeds against the right PAN. Check Form 26AS against Form 16 to confirm the TDS amounts deducted reflect against your name, in the form of tax credit.


2. Why do you need to check Form 16?


If there are errors in Form 16, the figures will not match with those in Form 26AS. This could mean an income tax notice. You must get these errors rectified immediately. If the TAN of the deductor/employer is wrong or an incorrect amount of TDS is furnished, you could get an income tax notice.

You can get the error rectified by informing the employer and asking to have the TDS returns revised.  You don’t have the power to force the deductor/employer to revise the wrongly filed returns.

Let’s say the employer has filed the revised TDS. The uploaded and revised figures are reflected in the Form 26AS, only after sometime. The Form 26AS does not get updated instantly.


3. You have multiple Form 16s?


If you have changed jobs (switched jobs in the last financial year), then you will have more than one Form 16. You have to check both these Form 16s to make sure there are no errors.


SEE ALSO: What Is Form 16?


4. Errors in Form 26AS


Check the Form 26AS before filing ITR. There are chances of errors and the TDS deducted in Form 16 must match with the figures in Form 26AS. How are they errors in Form 26AS?

Your employer has deducted TDS from salary and not deposited it with the tax department. This would mean a mismatch in TDS between Form 16 and Form 26AS.

This would lead to under reporting of taxes in the Form 26AS and fetch an income tax notice.


5. What if the employer is not depositing TDS?


Let’s say the employer is deducting TDS, but not depositing this money with the tax authorities. You can bring this to the notice of the employer. If no action is taken, bring this to the notice of the income tax department.

A Company files TDS on a quarterly basis. The due date for filing TDS is a month after the end of the quarter. The only exception is the quarter ending March 31, where the due date for filing TDS is May 31st and not March 31st. You must check Form 26AS, 10 days after the expiry of the due date.

CBDT has issued circulars where in case TDS has been deducted by the employer and the amount has not been deposited with the Government, the income tax officers must not harass the salaried employees.

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