Is Form 16 necessary to file income tax returns in India?

Deepa : Wed, 08/08/2018 - 18:44
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Post on: Thu, 08/09/2018 - 13:18

Form 16 is issued only in the event another individual or organisation pays tax on your behalf. This would happen when you earn a salary, earn interest on deposits or debentures, or earn professional fees in exchange of services provided. The form acts as proof that the concerned party has indeed made payment of income tax on your behalf to the extent of the interest or salary they are paying you. It is not legally binding to have a Form 16. However, it is a good idea to obtain this from any source that provides you income.