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It is July now. Most salaried Indians have just received Form 16 from their employer. Most have no idea it could mean money coming back to them. Here is what Form 16 actually is. Every month, your employer deducts tax from your salary before paying you. This is called TDS, Tax Deducted at Source. But your employer can only consider the information you gave them. If you paid rent but did not submit your rent receipts in time, you may still be able to claim HRA while filing your Income Tax Return. If you invested in PPF, ELSS, life insurance or health insurance but did not declare those investments to your employer, more tax may have been deducted than necessary. If, after all eligible deductions, your taxable income is lower than the tax already deducted, you may be entitled to a refund. That is where Form 16 becomes important. It shows how much salary you earned and how much tax your employer deducted and deposited on your behalf. Before filing your return, also check your Form 26AS and Annual Information Statement to make sure everything matches. Many salaried people assume that because tax was deducted from their salary, there is nothing left to do. That assumption costs people refunds every year. Check your Form 16 this week. You may be owed money. Follow for what India never taught you about money, law and rights.