Importance of Form 16 in Salary Taxation

Importance of Form 16 in Salary Taxation

Your employer hands it over to you each year and most people simply download it, save it somewhere and move on. It’s called Form 16. While it may look like just a routine document from HR, it plays a much bigger role in how your taxes are calculated, filed and reviewed later. Think of it as a yearly summary of how much you earned, what taxes were deducted and whether anything more needs to be paid or claimed. For salaried individuals, this form …