Indian Salaried Taxpayers Can Download Form 16 from TRACES Website

Indian salaried taxpayers can now download Form 16 from the TRACES website, a crucial document for filing income tax returns. Employers must provide Form 16 to employees by June 15, 2024, for the 2023-2024 fiscal year.

author-image
Nitish Verma
New Update
Indian Salaried Taxpayers Can Download Form 16 from TRACES Website

Indian Salaried Taxpayers Can Download Form 16 from TRACES Website

Indian salaried taxpayers can now download Form 16, a crucial document for filing income tax returns, from the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website. Employers are required to provide Form 16 to their employees by June 15, 2024, for the 2023-2024 fiscal year.

Why this matters: This development simplifies the process for taxpayers and ensures compliance with tax filing requirements, which is critical for the country's revenue collection and economic growth. Accurate and timely filing of income tax returns also helps in reducing tax evasion and promoting transparency in financial transactions.

Form 16 is an essential TDS Certificate issued by employers, detailing the Tax Deducted at Source (TDS) from salary and other components. It serves as proof of TDS deducted from the employee's salary and is necessary for filing income tax returns. Part A of Form 16 encompasses details regarding quarterly TDS deductions and deposits, employer's PAN and TAN details, among other pertinent information.

Although Form 16 cannot be downloaded in its entirety from the TRACES website, taxpayers can follow these steps to download Form 16, 16A, and 27D: Visit the TRACES Portal, access the 'Login' section and select 'taxpayer,' enter User ID, Password, and PAN to log in, navigate to the 'View/Verify Tax Credit' section, select 'Provisional TDS Certificate 16/16A/27D,' enter the employer's TAN, Financial Year, and Quarter, and choose the desired Form from the dropdown menu under 'Provisional Certificate Type.'

The Income Tax Department has enabled filing of ITR-1, ITR-2, ITR-3, ITR-4, and ITR-6 for AY 2024-25 in offline and online modes on the e-filing portal. Excel Utilities for these ITR forms are also available. The CBDT has extended the due date for filing of Form 10A & 10AB to June 30, 2024, for certain categories of applicants.

Taxpayers can contact the Income Tax Department's helpline numbers for queries related to e-filing, PAN, and TAN applications. The helpline is available from 07:00 hrs - 23:00 hrs (All Days) for PAN & TAN application queries and 09:30 hrs - 18:00 hrs (Monday to Friday) for AIS and Reporting Portal queries.

By following these steps and meeting the June 15, 2024 deadline, salaried taxpayers can obtain the necessary Form 16 to file their income tax returns accurately and on time. The availability of Form 16 on the TRACES website simplifies the process for taxpayers and ensures compliance with tax filing requirements for the 2023-2024 fiscal year.

Key Takeaways

  • Indian salaried taxpayers can download Form 16 from TRACES website.
  • Employers must provide Form 16 to employees by June 15, 2024, for FY 2023-2024.
  • Form 16 is essential for filing income tax returns and proves TDS deducted from salary.
  • Taxpayers can download Form 16, 16A, and 27D from TRACES portal following specific steps.
  • ITR filing for AY 2024-25 is available in offline and online modes on e-filing portal.