Hey @HarshitShah
Form 16 is one of the most common and widely used documents while preparing their ITR.
An individual cannot directly download Form 16. Their employers are required to download Form 16 form TRACES website and give it to their employees after each Financial year.
Employers deduct TDS from their employee’s salary and deposit it with the government. The employees can claim the tax credit while filing their ITR.[1]
Therefore, you need to ask your employer to generate Form 16 for you. However, you can download your Form 26AS from TRACES yourself. Form 26AS is a tax credit statement, where you’ll find the details of the TDS paid by the deductors to the Income Tax Department on your behalf.
Employers usually start distributing Form 16 a month before the due date to file your ITR. Employers should provide Form 16 to their employees by 10th July 2019 (extended from 15th June 2019) in the new format. The new format for Form 16 has a detailed breakdown of tax-exempt allowances and deductions claimed by the taxpayer.[2]
The due date to file taxes for AY 2019–20 is 31 July 2019, after which you will be liable to pay late filing fees of Rs. 5000(effective this very year) u/s 234F. If you’re still confused regarding what to do about your taxes, you can choose one assisted plans from services like Quicko, which is cheaper compared to other online and traditional alternatives.
Hope this helped. If you have further queries, feel free to comment/message!
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