ITR Last Date: Form 16 of the previous financial year is required to be issued by the employer on or before June 15. It is issued in two parts, Part A and Part B.
ITR Filing: If you are employed, then every year you would be given Form 16 (Form 16) by your employer. But do you know for what it is issued and what is most important for you to see in it. Form 16 is an annual certificate issued by the employer, which gives information about the tax deducted from the salary of the employee. Form 16 of the previous financial year is required to be issued by the employer on or before June 15. It is issued in two parts, Part A and Part B.
Part A: Part A details the monthly deduction of tax made by the employer from the salary of the employee and the amount deposited with the government, besides the amount paid/deposited and tax deducted at source in respect of the employee.
Part B: Part B is the most important part of Form 16 for the job profession. This helps the employee to file income tax return. It contains the details of the salary paid by the company and any other income and tax deducted thereon. It is important to note that in case of change of job during any year, the taxpayer is required to take separate Form 16 from each employer.
Part B also contains information whether the tax payer has opted for the new tax regime or the old tax regime. Details of salary, tax rebate and deduction claimed are sought in ITR. This can be easily derived from the figure of gross salary given in Annexure-I of Part B of Form-16.
After this, the tax payer has to give information about the house rent in his return. In this, exemption is available under section 10 of income tax. You can easily see this in Part B below the gross salary row. Consequently, the taxpayer can also find out the deductions available to the taxpayer under section 16 of the Act under this part of Form 16. The next step for salaried ITR filing is to file the amount of deduction to be taken by the taxpayer under the old tax regime.
