Regarding Form 16 issuance

[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

[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.

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

AI Summary

Form 16 issuance: employers must issue by statutory deadline, but may provide mid year salary and tax details.
Issuance of Form 16 is governed by sub rule 3 of rule 31 of the Income Tax Rules, 1962, requiring employers to issue Form 16 annually by the statutory deadline after the financial year; however, employers may provide salary and tax deduction particulars during the financial year. If no further salary transactions occur with the previous employer, that employer can issue Form 16 mid year; alternatively salary slips or a statement of tax deducted at source may be used for interim verification, and submission of Form 16 to a new employer is not compulsory.