Form 16 is an Income tax form. It is used by the companies to provide their salaried individuals information on the tax deducted.
ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department.
Whatever is received by an employee from an employer in cash, kind or as a facility is considered as salary.
The Form 16A is a TDS Certificate certifying the amount of TDS, Nature of Payments and the TDS Payments deposited with the Income Tax Department. Form 16-As are issued when payments are non-Salary. TDS Professional fees, Rent, Bank Interest payments are accompanied by a Form 16A.
The employer will issue Form 16.
Normally, during the month of April and May.
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