The Income Tax Portal has a number of forms including form 16. Many problems might arise while downloading these PDFs and forms through the site. Such PDFs and forms are usually passwords secured. Form 16 is one of that. This simple guide helps you to know what is Form 16, and how to get the password for yours.
What is Form 16
Form 16/16A is a document that provides all of the information needed to file income tax returns. Employers must send to employees at the close of each financial year. It is a mandatory document to issue and it contains complete details of TDS / TCS for various transactions between the deductor and deductee.
Who is Eligible for Form 16
- Employees whose total pay falls within the taxable earners are eligible to Form 16 or 16A from their employers.
- According to the Finance Ministry of India, if an individual’s taxable income does not reach the minimum slab rate, he or she does not need a TDS certificate or Form 16, and the employer is not required to submit one.
- If an individual’s pay does not fall under the taxable income bracket, they must submit form 15G to their employer.
- This serves as evidence of income, and TDS is not deducted by the employer.
How to get Form 16/16A Online
- Visit the TRACES login website of the IT Department of India’s official online TDS Reconciliation System at https://contents.tdscpc.gov.in/#.
- Enter your User ID, Password, and TAN before clicking the “Login” button.
- Click on the “Downloads” tab, then your Form 16/16A should be used.
- An online fillable form will open. To properly submit Form 16 as an employer, fill out this form and click the “Go” button.
- Form 16 or 16A is downloaded as a Pdf file protected with a Secure Password.
What is a Form 16 Password and How Do You Decode It?
- Form 16 Pdf is Password protected at all times.
- The password would be the first 5 characters of the PAN Number in uppercase (capital letters) and the employee’s date of birth in DDMMYYYYY format.
- For Example
- Your PAN Number is PAVZI5997L and your birthday is November 11th, 2000, your password for Form 16 is PAVZIRA11112000.
- Form 16 is a necessary document because it supports taxpayers in submitting their returns efficiently.
- Form 16 also aids in the verification of income information as well as the rate at which TDS is deducted.
- To avoid any kind of irregularity when it comes to filing taxes, taxpayers must learn about Form 16 and other forms and apply them correctly.