ITR Login: If you want to file income tax return, then you can file ITR till 31st July this year. At the same time, Form 16 is a very important document while filing Income Tax Return.
Income Tax Return Login: The process of filling income tax has started. Individuals have to file ITR for the year 2021-22 by 31 July 2022. On the other hand, if you file ITR after this date, then fine can also be imposed. Form 16 is a very important document while filing Income Tax Return. Although people know very little about its features.
This document is necessary
Actually, Form 16 is a very important document while filing income tax. Form 16 is issued on behalf of your company. In this Form 16, apart from the salary taken, deduction, tax deducted, allowance, there are many ongoing information which comes in handy when you are filing income tax return.
There are two parts
With the help of this form, you can reconcile your income tax related data. In such a situation, there will be no mistake in filing ITR. However, if the figures in Form 16 and the data to be filled in the Income Tax Return are different and this is not taken care of, then there can be a lot of trouble in the future. Whereas Form 16 has two parts. One is ‘Part A’ and the other is ‘Part B’.
Part A contains these information:
– Employee’s name and address
– Employer’s name and address
– Employer’s PAN number and TAN number
– Employee’s PAN details
– Assessment year
– TDS deduction summary
– Period of employment details
Part B contains these information:
– Income chargeable on salary
– Gross income (salary) + other income
– Deduction under section 80C/80CCC/80CCD (maximum limit of Rs 1.5 lakh)
– Other sections such as 80D (health insurance ) Premium), deductible under 80E (interest on education loan), 80G (donation), and others
– Sum of deductible deductions
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