What is the use of Form 16 in a company?

Question

What is the use of Form 16 in a company?

Answer 1

Form 16 is the details of earnings.perquisites and deductions from income  as computed under the Indian income Tax law under the head salaries

Answer 2

Form 16 is the Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source from income chargeable under the head "Salaries.

Answer 3

This is the Form which is used for submission of Tax by Employer and the proof. The same needs to be filed for your Tax returns.

Answer 4

Form 16 is the certificate of tds deducted on your payment.

it is used to claim for refunds of income tax

for more details contact any chartered accountant.

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Answer 5

hi,

form 16 is used in income tax purpose it is a certificate to certify that tax has been already deducted  .tax to be deducted  on jobwork billing on more than 20000/ in a year on rent more than 120000/- in a year & on interest paid to some one after obtaining the form 16 u can submit the same along with ur balance sheet & with  computation of income thus u can claim ur tax u have paid already through form 16