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All You Need To Know About Form 16 & its Components

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If you are a salaried employee you must have heard of Form 16. Form 16 is a basic document issued by an employer to the employee which is used for filing ITR every year. Filing one’s ITR without Form 16 is almost impossible for most salaried individuals. Consequently, it is the confirmation statement by the employer about tax deducted at source has been accounted for from your salary & deposited with income tax authorities. Although, May 31 is the last date for your employer to issue a Form 16 and most of you might have already received one.

Moreover, your employer is entitled to issue Form 16 annually, on or before 15th June of the Assessment Year in which your TDS was deducted. When you prepare for ITR Filing, you should have a brief understanding of Form 16. This form comprises of two components – part A and Part B. These forms are significant and required to help you when you e-file income tax return.

Here’s a brief discussion about Form 16 and its components-

It is important to understand any individuals who are getting a salary for the financial year more than the basic exemption limit of Rs 250000 and whose tax has been deducted by the employer at source is eligible to get Form 16. If you have also disclosed your income from other heads to your employer, he will consider your total income for TDS deduction.

Who is eligible for Form 16?

As per the income tax act, every employer who is paying salaries is required to deduct tax or TDS which further commute on the basis of the income tax slabs rates for the relevant financial year. Usually, most of the companies calculate the tax liability of the employee on the basis of the forecasted earnings and other investments declarations provided by the employees in previous year.

What is Part A of Form 16?

Part A of Form 16 comprises the details of Tax Deduction and account number of the employer and PAN details of both the employees and employer respectively. Along with this, the employer and the employees need to mention their address and the duration spent by the employees with the employer. These facts help the Income Tax Department to track the flow of money from the account of employer & employee. Fundamentally, the Part A also includes a summary of tax deducted from your income earned & deposited it with the income tax department as per the quarterly TDS return filed by the employer.

What is Part B of Form 16?

Part B is the consolidated statement of salary paid to you by the employer during the financial year. It covers details regarding your gross salary, Allowances exempt u/s 10, Tax on employment, Deductions u/s 80C, which include (the list is not comprehensive) details like Provident Fund (EPF/PPF) Housing Loan, LIC, tax saving mutual funds (ELSS), Tax on total income and any other investments.

Different Types of Form 16-

Form 16 consists of two components i.e. Part A and Part B. Let’s discuss it-

Form 16       

  • Issued for tax deducted at source on salary
  • Issued by employer

Form 16A

  • Issued for tax deducted at source on any income outside your salary, such as rent, interest earned on investments
  • Issued by financial institutions, tenant, and other entities

Form 16B

  • Issued for tax deducted at source on income from the sale of immovable property
  • Issued by the buyer of the property to the seller

 

For more details about file ITR visit our website www.allinidaitr.com

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        An ambassador and trained facilitator under Eco Femme (a social enterprise working towards menstrual health in south India), Sanjina is also an active member of the MHM Collective- India and Menstrual Health Alliance- India. She has conducted Menstrual Health sessions in multiple government schools adopted by Rotary District 3240 as part of their WinS project in rural Bengal. She has also delivered training of trainers on SRHR, gender, sexuality and Menstruation for Tomorrow’s Foundation, Vikramshila Education Resource Society, Nirdhan trust and Micro Finance, Tollygunj Women In Need, Paint It Red in Kolkata.

        Now as an MH Fellow with YKA, she’s expanding her impressive scope of work further by launching a campaign to facilitate the process of ensuring better menstrual health and SRH services for women residing in correctional homes in West Bengal. The campaign will entail an independent study to take stalk of the present conditions of MHM in correctional homes across the state and use its findings to build public support and political will to take the necessary action.

        Saurabh has been associated with YKA as a user and has consistently been writing on the issue MHM and its intersectionality with other issues in the society. Now as an MHM Fellow with YKA, he’s launched the Right to Period campaign, which aims to ensure proper execution of MHM guidelines in Delhi’s schools.

        The long-term aim of the campaign is to develop an open culture where menstruation is not treated as a taboo. The campaign also seeks to hold the schools accountable for their responsibilities as an important component in the implementation of MHM policies by making adequate sanitation infrastructure and knowledge of MHM available in school premises.

        Read more about his campaign.

        Harshita is a psychologist and works to support people with mental health issues, particularly adolescents who are survivors of violence. Associated with the Azadi Foundation in UP, Harshita became an MHM Fellow with YKA, with the aim of promoting better menstrual health.

        Her campaign #MeriMarzi aims to promote menstrual health and wellness, hygiene and facilities for female sex workers in UP. She says, “Knowledge about natural body processes is a very basic human right. And for individuals whose occupation is providing sexual services, it becomes even more important.”

        Meri Marzi aims to ensure sensitised, non-discriminatory health workers for the needs of female sex workers in the Suraksha Clinics under the UPSACS (Uttar Pradesh State AIDS Control Society) program by creating more dialogues and garnering public support for the cause of sex workers’ menstrual rights. The campaign will also ensure interventions with sex workers to clear misconceptions around overall hygiene management to ensure that results flow both ways.

        Read more about her campaign.

        MH Fellow Sabna comes with significant experience working with a range of development issues. A co-founder of Project Sakhi Saheli, which aims to combat period poverty and break menstrual taboos, Sabna has, in the past, worked on the issue of menstruation in urban slums of Delhi with women and adolescent girls. She and her team also released MenstraBook, with menstrastories and organised Menstra Tlk in the Delhi School of Social Work to create more conversations on menstruation.

        With YKA MHM Fellow Vineet, Sabna launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society. As a start, the campaign aims to begin conversations on menstrual health with five hundred adolescents and youth in Delhi through offline platforms, and through this community mobilise support to create Period Friendly Institutions out of educational institutes in the city.

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        A student from Delhi School of Social work, Vineet is a part of Project Sakhi Saheli, an initiative by the students of Delhi school of Social Work to create awareness on Menstrual Health and combat Period Poverty. Along with MHM Action Fellow Sabna, Vineet launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society.

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        A native of Bhagalpur district – Bihar, Shalini Jha believes in equal rights for all genders and wants to work for a gender-equal and just society. In the past she’s had a year-long association as a community leader with Haiyya: Organise for Action’s Health Over Stigma campaign. She’s pursuing a Master’s in Literature with Ambedkar University, Delhi and as an MHM Fellow with YKA, recently launched ‘Project अल्हड़ (Alharh)’.

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        A psychologist and co-founder of a mental health NGO called Customize Cognition, Ritika forayed into the space of menstrual health and hygiene, sexual and reproductive healthcare and rights and gender equality as an MHM Fellow with YKA. She says, “The experience of working on MHM/SRHR and gender equality has been an enriching and eye-opening experience. I have learned what’s beneath the surface of the issue, be it awareness, lack of resources or disregard for trans men, who also menstruate.”

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        A Computer Science engineer by education, Nitisha started her career in the corporate sector, before realising she wanted to work in the development and social justice space. Since then, she has worked with Teach For India and Care India and is from the founding batch of Indian School of Development Management (ISDM), a one of its kind organisation creating leaders for the development sector through its experiential learning post graduate program.

        As a Youth Ki Awaaz Menstrual Health Fellow, Nitisha has started Let’s Talk Period, a campaign to mobilise young people to switch to sustainable period products. She says, “80 lakh women in Delhi use non-biodegradable sanitary products, generate 3000 tonnes of menstrual waste, that takes 500-800 years to decompose; which in turn contributes to the health issues of all menstruators, increased burden of waste management on the city and harmful living environment for all citizens.

        Let’s Talk Period aims to change this by

        Find out more about her campaign here.

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        A former Assistant Secretary with the Ministry of Women and Child Development in West Bengal for three months, Lakshmi Bhavya has been championing the cause of menstrual hygiene in her district. By associating herself with the Lalana Campaign, a holistic menstrual hygiene awareness campaign which is conducted by the Anahat NGO, Lakshmi has been slowly breaking taboos when it comes to periods and menstrual hygiene.

        A Gender Rights Activist working with the tribal and marginalized communities in india, Srilekha is a PhD scholar working on understanding body and sexuality among tribal girls, to fill the gaps in research around indigenous women and their stories. Srilekha has worked extensively at the grassroots level with community based organisations, through several advocacy initiatives around Gender, Mental Health, Menstrual Hygiene and Sexual and Reproductive Health Rights (SRHR) for the indigenous in Jharkhand, over the last 6 years.

        Srilekha has also contributed to sustainable livelihood projects and legal aid programs for survivors of sex trafficking. She has been conducting research based programs on maternal health, mental health, gender based violence, sex and sexuality. Her interest lies in conducting workshops for young people on life skills, feminism, gender and sexuality, trauma, resilience and interpersonal relationships.

        A Guwahati-based college student pursuing her Masters in Tata Institute of Social Sciences, Bidisha started the #BleedwithDignity campaign on the technology platform Change.org, demanding that the Government of Assam install
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        Bidisha was selected in Change.org’s flagship program ‘She Creates Change’ having run successful online advocacy
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