Income Tax Return Filing 2024: It is the time for income tax return filing, its last date is till 31st July 2024. For this, Form 16 is very important for employed people. Know when it will come.
Income Tax Return Filing 2024: It is the season to file income tax returns, its deadline is till 31st July 2024. But to avoid last minute stress, it is wise to prepare for filing ITR. Form 16 is an important document for salaried people to file their Income Tax Return (ITR). This document is important for salaried individuals as it shows the details of Tax Deducted at Source ( TDS ) during the financial year, summarizing all your earnings including salary, allowances and perks. If you earn more than Rs 2.5 lakh per year, your employer must hand over Form 16 to you.
When will Form 16 be issued?
The last date for issuance of Form 16 is June 15, 2024. If your employer or company has deducted TDS from April 2023 to March 2024, then you will have to submit Form 16 by 15 June 24. If your Form 16 is lost then you can ask for a duplicate from your company. The overall deadline for filing ITR by the Income Tax Department for the applicable financial year is July 31 unless the government extends it. So if you receive Form 16 on June 15, you will get exactly 45 days to file your tax return.
Why is Form 16 necessary for ITR filing?
Form 16 is a very important document as it serves as proof of your income that the government has received the tax collected by your employer. It helps in the process of filing your income tax return with the Income Tax Department. This salary serves as proof of income. Many banks and financial institutions request Form 16 to check the creditworthiness of an individual while applying for a loan. Being ready with your Form 16 can make the ITR filing process easier and keep you stress-free as the deadline approaches.
