The deduction of the employee's contribution to the pension scheme provided for in no.According to the government's announcement on 24th October 2020, the deadline for filing ITRs (Income Tax Returns) has been extended until 31st December.The deduction for contribution to pension funds under section 80 CCC.The deduction for life insurance premium paid, PPF contribution, etc., of article 80.✬.Details of Exempt Appropriations Pursuant to Section 10 Specific Appropriations Pursuant to Chapter VI-A:.PART B: Part B is the annex to Part A and the components of Part B are Summary of the amount paid/credited and withholding tax in relation to the worker.Parts of Form 16 PART A: The Information in Part A are Addition of Deductions in accordance with Chapter VI-A (Gross Amount and Deductible).Any other employee-reported income (this includes employee-reported income or loss of residential property offered for TDS and income under Other sources offered for TDS).Income attributed under the heading 'Remuneration' (= 1+ 3- 5).Includes standard deduction, entertainment allowance, and employment tax. Total amount of salary received from current employer (=1 – 2).Finally, template 16 also contains the details of the employer's TDS deduction and other details of the income that the worker provides to the employer.įor the current fiscal year 2022-2023, and assessment year 2023-2024, the employee needs the following details to file their ITR.If the employee has worked with more than one employer during the applicable tax year, two forms will be issued for the respective employees.2.5 lacs, then there will be no issue of Form 16. If your income is below the exemption threshold of Rs.Is issued to employees with a salary higher than Rs.Form 16 is a TDS certificate for salary.This form is issued annually in accordance with the provisions of the Law and can be used to file Income Tax Returns. This certificate details a summary of the employee's salary, allowances, and other amounts paid or credited to the employee and the TDS applicable to the employee. Proof of tax withheld at source by the employer is essential.

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