The new forms will come into effect from April 1, 2023, and the talk of ITR filing and submission of Form 16 along with it has also started. Let us tell you, Form 16 is filled for TDS, due to which the money deducted in tax is saved.
TDS certificate form 16/16A: The Central Board of Direct Taxes (CBDT) has issued new ITR forms for 2023-24. These new forms will come into effect from 1st April 2023 and the talk of ITR filing and submission of Form 16 has also started. Let us tell you, Form 16 is filled for TDS, due to which the money deducted in tax is saved. We tell you why Form 16 is required to file ITR.
What is Form 16?
Form 16 for TDS is a certificate issued by employers to their employees, guaranteeing that TDS has been deducted by the Income Tax Department on behalf of the employee. This form is essentially a release form and contains a summary of the salary paid to the employee. There are two types of forms to be filled out for TDS, the first 16A and the second 16B.
