Section I: Income Tax and Your Career

• Ques: You can claim deduction if it has been missed in your Form 16
• Ans: Key points:
  • Form 16 is a certificate issued by the employer at the end of the year to the employee. This certificate provides details of the salary income of the employee and the TDS deducted from the employee’s income.
  • Your employer has the responsibility to issue Form 16 within 30 days from the close of financial year.
  • TDS deduction is your employer’s responsibility; you should not worry whether less or more tax is being deducted from your income.
  • You should ensure that you report your investments and keep the original receipts so that extra TDS is not deducted from your income.
  • If you missed claiming any deduction from your salary, or your employer did not allow any deduction in your Form 16, do not worry. You can claim the deductions while filing your return and tax will be refunded to you by the IT department.
  • You can declare other incomes to your employer so that the employer can deduct TDS on other incomes.