InvestorQ : What is Part B of Form 16?
Shreya Mashelkar made post

What is Part B of Form 16?

3 years ago

Form 16 is a tax statement that contains details of the tax deducted at source (TDS) or taxes your company has deducted from your salary and deposited with the government on your behalf.

When you file your income tax returns, Form 16 helps you calculate how much tax you have already paid, and what is due to be paid. If you have paid more tax than you are liable to pay, then you can claim a refund from the Income Tax Department.

Form 16 Part B

Part B of the Form 16 is a consolidated summary of salaries you received in a financial year as well as the deductions you claimed. If you have changed your job in a financial year, then it is up to you to decide if you want Part B of the Form 16 from both the employers or from the last employer only.

Some components of Part B of Form 16 are:

- Salary breakup

- Deductions allowed under Income Tax Act (under Chapter VIA)

- Total taxable income

- Tax deducted from your income