Now Reading: Income Tax Return: What is Form 16? Top things taxpayers should check in this document before filing ITR
-
01
Income Tax Return: What is Form 16? Top things taxpayers should check in this document before filing ITR
Income Tax Return: What is Form 16? Top things taxpayers should check in this document before filing ITR
[ad_1]
Income Tax Return (ITR) filing FY 2024-25: Filing ITR could be a daunting job for a lot of. Salaried taxpayers are sometimes confused in regards to the paperwork they should e-file ITR. One such vital document is Form 16.One of essentially the most essential paperwork for revenue tax returns, Form 16 is normally issued by the employer. We check out the significance of Form 16 for ITR filing functions:
What is Form 16? Explained
Commonly, Form 16 is a certificates issued by the employer to staff for the tax deducted at supply (TDS) on wage paid to them throughout the related monetary 12 months.“It is issued by the employer annually after the end of the financial year, on or before 15th June of the following financial year,” says Surabhi Marwah, Tax Partner, EY India.Also Read | ITR filing: What is the fundamental exemption restrict for FY 2024-25 & beneath what situations do you continue to have to file tax return?It can also be issued by specified banks to senior residents above 75 years of age with respect to TDS on pension and curiosity revenue earned from the identical financial institution.Form 16 includes of two elements – Part A and Part B:
- Part A accommodates particulars akin to – identify and tackle of the employer and worker, Permanent Account Number (PAN) of the employer and worker, Tax Deduction and Collection Account Number (TAN) of the employer, 12 months/ interval for which it is issued, abstract of wage paid and taxes deducted at supply thereon and so forth.
- Part B accommodates particulars of revenue earned – wage/ pension, different revenue (like home property and curiosity), exemptions from wage, customary deduction, deductions beneath Chapter VI-A, the tax payable and so forth.
According to Surabhi Marwah, in addition, Form 12BA containing particulars of perquisites given (akin to lodging, items, and ESOPs) to the staff and the whole TDS deposited is additionally issued together with the Form 16.“Upon receiving Form 16, employees should verify their personal information, employer details, salary, exemptions (like HRA and LTA), deductions (such as 80C and 80D), as well as the taxes deducted and deposited and also that the total amounts reported in Part A and B match,” Surabhi Marwah tells TOI.Typically the final date to file ITR is July 31, however this 12 months the Income Tax Department has prolonged it to September 15, 2025. Before you sit all the way down to file your ITR, be sure you have totally checked your Form 16.Also Read | ITR e-filing AY 2025-25: What is Annual Information Statement (AIS) and the way is it totally different from Form 26AS? Top factors for taxpayers
[ad_2]
