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Salaried employees who file their income tax returns (ITRs) every year should be aware that the tax department has introduced some changes in the format of Form 16 related to tax deduction and perquisites. The changes effected in the Form 16 format will ensure that the information about different taxes, deductions, and exemptions on salary is put more clearly. So if you have trouble filing taxes, the new Form 16 can make things easier.
What is Form 16?
Form 16 is a document issued by companies to their employees. This tax document is proof that the employer has deposited tax deducted at source (TDS) with the Income Tax Department on salary payments to their employees. Form 16 has details about the income earned, tax deducted, and other deductions allowed under the Income Tax Act.
