Fill Form 8854 Eligible 2023-2024

Music, hello everyone! Welcome to your new Investment Academy. Today, we will understand the details about Form 16. We will first discuss what Form 16 is, its components, and its importance. First, what is Form 16? Each year, your employer issues a Form 16 certificate. This certificate, under Section 23 of the Income Tax Act, provides details about the tax amount that has been deducted by your employer, which is called TDS. Moreover, it also contains details of your salary, other incomes, and tax benefits available and availed by you in the last financial year. It has detailed information about the manner of calculating income as per the income tax laws and the tax payable on it. May 31st is the last date for your employer to issue Form 16 to you. Now, let us discuss the components of Form 16. Components of Form 16 help us understand the tax paid, probable tax refund we can get, and can also help in better tax planning for the upcoming year. Most importantly, it can also assist us in filing our income tax returns. Form 16 comprises two main sections. The first is Part A. Part A contains personal information such as our name, address, employer's name and address, and the TAN (Tax Deduction Account Number) of our employer. It also provides information like the assessment year, which is the year in which tax liability is computed for the income earned during the previous year. In this case, the assessment year is 2014-15. Part A also provides a summary of TDS deducted by the employer on our behalf. This amount is deducted by the employer from our salary every month as tax and credits the same to the income tax department. The most important information in Part A is the TAN of the employer and...