For salaried class who need to file their income tax return by July 31st, their wait for form 16 has got longer with the extension made until June 15. The form includes the total TDS deducted by the employer on salary and needs to be mandatorily furnished by employer every year to employees whose tax was deducted by them by May 31 every year.
But in line with the extension in the date for filing TDS return, the Ministry of Finance has tweaked the date to newly revised date shall now on be applicable for each following year. So by June 15, your employer needs to provide you with the Form 16.
The important document serves a great deal and helps the individual concerned in filing his tax return for a given financial year. The document lets him know about the total salary received, the deductions availed of and the deductions in respect of tax made by the employer on the employees income.
Tax is deducted by the employer on a monthly basis and is referred as the tax deducted at source and is collectively paid on behalf of the employee to the government by means of a TDS return for it.