Income Tax Filing 2024: Companies issue Form-16 to their employees every year by June 15. Only after this do the employees start the process of filing returns. The reason for this is that Form-16 serves as the basis for filing returns for salaried taxpayers.
Form-16 is necessary for filing income tax returns for salaried employees. It contains information about gross income, net income and TDS of the employees. Now employees have received Form-16. The last date for companies to issue Form-16 to their employees is 15 June. On the other hand, the last date for filing income tax returns is 31 July. After this, penalty and interest on tax will have to be paid on filing income tax returns. Therefore, salaried employees should start the process of filing returns now.
These documents are necessary to file the return
Apart from Form -16 , Annual Information Statement ( AIS ) and Form 26AS are necessary for filing returns. The good thing is that all these three documents can be downloaded online. It is very easy to download them. AIS and Form 26 can be downloaded from the Income Tax Department website. For this, you have to log in to the Income Tax Portal.
How to access Form-16?
Your employer may have sent you Form-16 via email or uploaded it on the office website. You can also download it from the TRACES portal. You can make your PAN as your user ID to register yourself on the site. Then, you can opt for Aadhaar-OTP based authentication.
The Income Tax Department will match your personal details. These will include name, date of birth and gender. All these should match with your Aadhaar and PAN information. If these details do not match, the validation process will not proceed further. If the validation is successful after matching the details, you will receive an OTP on your mobile number and email. After that, you can download the form by selecting the relevant financial year.
What is there in Form-16?
Form 16 has two parts – A and B. Part A contains your personal details. These include name, address, PAN, employer details and tax deducted from your salary. It also contains information about the tax deposited with the government. Part B will contain the break-up of your salary. There will be exemptions under section 10. These include leave travel allowance and house rent allowance. There will also be deductions under Chapter VI-A.
You have to match the information given in Form-16 with Form 26AS. You can also match it with AIS. If you find any discrepancy in the data, you have to correct it. For this, you can contact your employer and other tax deducting entity. If there is any discrepancy between the information given in Form-16 and the information given in ITR, you may get a notice from the Income Tax Department.
Why is Form-16 necessary?
Form 16 is important because it is the basis for your ITR. This is the reason why Form 16 is used to fill information in the ITR form while filing ITR. It is also a proof that your employer has deducted tax from your salary and deposited it with the IT department.
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