Form 16: Form 16 is a certificate provided by your employer, detailing your salary and tax deducted at source (TDS) for the financial year. Issued under Section 203 of the Income Tax Act, it offers a comprehensive breakdown of your salary components, tax-exempt allowances, and deductions, serving as a vital document for filing your income tax return.

What does Form-16 hold? 
Form 16 is split into two parts: Form 16 (A) and Form 16 (B). Part A contains details like your name and the address of the employer, PAN and TAN numbers, the amount of tax deducted, and TDS deposited with the government. Part B contains a detailed breakup of your salary, exemptions under Section 10, deductions under Chapter VI-A, and your net taxable income.

Deductions under Chapter VI-A of the Income Tax Act
The Income Tax Act allows various deductions under Chapter VI-A to reduce your taxable income. 
1. Section 80C: Deductions for life insurance premiums, PPF contributions, and more.
2. Section 80CCC: Deductions for pension fund contributions.
3. Section 80CCD(1): Deductions for employee contributions to pension plans.
4. Section 80CCD(1B): Additional deductions for self-contributions to notified pension plans.

Form 16 for multiple job switches in the financial year
If you have switched jobs multiple times in a financial year, you will need to obtain Form 16 from each employer. Tax deduction at source (TDS) will be applicable at each workplace. To be eligible for Form 16, your income must be taxable, meaning it falls within the taxable bracket. Only then will TDS be deducted, and you will receive a Form 16 from each employer.

When do you receive Form 16? 
The deadline for submitting the FY 2024-25 Form 16 was June 15, 2025. Your employer must issue Form 16 by June 15, 2025, at the latest, if TDS has been deducted for FY 2024–2025. Employers who fail to issue Form 16 by the deadline will face a penalty of Rs. 100 per day until they issue it.

Also Read: ITR Filing 2025: Top 5 income tax myths and misconceptions debunked