Form 16 is provided by employers to all salaried individuals. This contains all the information required while filing the ITR. So, Form16 is a kind of certificate that you receive from the company where you work. Employers may issue this certificate every year in the month of June.
There are two components of Form 16 :
Form 16 - Part A:
The main components of part A are company/employer name and address, Employer's PAN and TAN, Employee's PAN, and the details of tax deducted or deposited on a quarterly basis.
Form 16 - Part B:
Part B generally have other components like - Salary breakups, Breakup of exempted allowance, Deductions allowed, any relief under section 89, and other deductions under section 80C, 80CCC, 80CCD, 80D, 80G, 80E, and 80TTA.