Regarding Form 16 issuance, Income Tax

[Jitender Sharma]

Is it possible to get Form 16 with in the financial year. As I have Changed job in august and new employer asking for Form 16. So, if form 16 will be issued only after the end of financial year then I will deny them or else tell me the way to get form 16 in the middle of financial year.

Thanks in advance

Posts / Replies

[Praveen Mittal]

As per sub rule 3 of rule 31 of Income tax Rules, 1962 the form 16 is required to be issued annually by 31st May of the next financial year.  However, initially to serve your purpose, the previous employer may give you the detail of salary paid and tax deducted by it during the year but form 16 will be issued by 31st May of the next financial year.  Alternatively, the detail of salary paid and tax deducted at source is usually mentioned in the salary slips as well

 

Praveen Mittal

 

[MANDAVILLI RAMAKRISHNA]

you can take form no. 16 from your previous employer even in the middle of the FY.

to submit form no. 16 to new employer, for previous salary income is not compulsory.

[Saji John]

Since there is no further transaction i.e. salary from the previous company, they can issue Form 16 if required. There is no obligation that the company can issue the Form 16 only after the Financial year end. The Form 16 can be issued after the 2nd quarter end return filing. The last date of issuing Form 16 is 31st May