Frequently Asked Questions
Form 16 is a crucial document issued by employers to their employees, providing a detailed summary of the salary paid and the TDS (Tax Deducted at Source) deducted. It serves as proof of income and tax deductions.
Form 16 is essential for ITR filing, as proof of income for loan and visa applications, and is a legal requirement for employers to issue.
Form 16 is provided by your employer, not available for direct download from external sources.
It contains two parts: Part A with details of TDS, and Part B with a breakdown of salary and deductions.
Employers must issue Form 16 by June 15 of the next financial year if TDS was deducted from April to March.
The password format is the first five characters of your PAN followed by your date of birth in DDMMYYYY format.
Yes, if you have more than one Form 16 due to changing jobs, you can upload all for compiling by Taxopal.
Use online file compression tools to reduce the size if it exceeds 5 MB.
Income from house property refers to the rental income earned from properties, taxed after deducting municipal taxes, standard deductions, and home loan interest.
Rental income is taxed under the head 'Income from house property' for the owner or under 'Income from other sources' if not the owner.
You can claim a 30% standard deduction for renovation/repairs and interest deduction on home loans up to ₹2 lakh per year.
The entire rental income is taxable unless the property is occupied by the owner for personal use.
Keep records of property-related expenses and use online tools to compress documents if needed.
Upload rent agreement, rent receipts, interest certificate, and municipal tax paid receipt.
Yes, rental income is considered a lucrative source of income in India and is taxable under the Income Tax Act.
'Income from capital gains' refers to any profit or gain arising from the sale of a 'capital asset.' These gains are taxable in the year the transfer occurs.
Capital assets include properties, investments, and rights such as immovable and movable property, intellectual property, and rights in Indian companies.
STCG are from assets held for less than 36 months, taxed at slab rates. LTCG are from assets held longer, taxed at a flat rate of 20% with indexation.
Exemptions like Section 54 on residential property sale, Section 54F on other assets, and Section 54EC for investments in specified bonds are available.
Documents needed include sale deed, purchase agreement, receipts for improvements, and proof of investments for exemptions.
Documents can be uploaded in English, Hindi, or Gujarati.