What is the significance of 'Form 16' in the Indian income tax system? Option: "It is a declaration of foreign assets and income", "It is a registration form for new businesses", "It is a tax invoice for goods and services", "It is a proof of tax deduction at source by the employer"

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What is the significance of 'Form 16' in the Indian income tax system?

"It is a declaration of foreign assets and income"

"It is a registration form for new businesses"

"It is a tax invoice for goods and services"

"It is a proof of tax deduction at source by the employer"

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What is the purpose of a TDS certificate?

"To open a bank account"

"To register for a PAN card"

"To claim a tax credit or refund"

"To apply for a loan"

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Which of the following is NOT a document typically required for filing income tax in India?

"Bank Statements"

"Form 16"

"PAN Card"

"Passport"

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Which form must be submitted to claim credit for taxes paid on foreign investments in India?

Form 67

Form 15CA

Form 16

Form 26AS

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What is the primary purpose of an investment declaration?

To calculate the exact amount of income tax an employee owes

To declare all sources of income, including those unrelated to employment

To help the employer determine the correct TDS to deduct from an employee's salary

To inform the employer about an employee's investment strategies

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How can filing an ITR benefit someone who has had TDS deducted from their income?

"It exempts them from paying further income tax"

"It allows them to claim a refund of excess TDS deducted"

"It reduces their tax liability for the following year"

"It provides proof of income for loan applications"