Form 16 Date: Form 16 is an important tax document for salaried professionals. Employees are waiting for this form to file tax returns for the financial year 2022-23 . Income tax return has to be filed by July 31, 2023.
In such a situation, the process of filling ITR starts before June itself. ITR-1 and ITR-4 have also become available online and offline, so ITR can be filled through them as well.
But till when Form 16 will be available?
Form 16 for this financial year may start being issued on or after June 15, 2023. From June 15, all the companies start issuing this form to their employees. If your TDS is deducted between April-2022 to March-2023, then it can also come till the end of June. You can take information from your company that by when your Form-16 can be released. If you have changed jobs during this period, you can also ask for Form 16 from your old company. Generally, companies give Form 16 at the time of relieving the employee.
What is Form 16 ?
Form 16 is a pre-filled form, which contains information about your salary income, TDS deduction, etc. How much salary income you have received from your employer for the whole year, how much TDS has been deducted, how much tax liability has been created, all this is told.
Check these details in Form 16A
In Part-A of Form-16, the amount of TDS (tax deducted at source) of the employee has been deducted and deposited, it also contains information about the PAN-TAN of the employer. Employer can generate and download Form 16 of TRACES https://www.tdscpc.gov.in/app/login.xhtml You should know that if you have changed jobs in a financial year, separate Part-A will be issued to you from both the employers for both the periods.
What is in Form 16A?
- Employer’s name and address
- TAN and PAN of the employer
- Employee’s PAN
- Information about the amount of tax deducted and deposited by the employer.
Check these details in Form 16B
In Form 16B, the details of the employee are prepared by the employer. It contains information about salary breakup and tax deductions approved under Income Tax Chapter VI-A. If you have changed jobs, then you should take Form 16B from both the companies.
Keep these four things in mind
- When you get Form 16, make sure to check that all your information is correct in both the parts.
- Also check whether your salary breakup, TDS deduction amount is correct or not.
- If any detail is misprinted, get it rectified immediately from your HR or Finance department.
- If the TDS amount has been wrongly deducted, then the employer on your PAN will deduct the correct TDS amount and process the return again and then issue you the updated Form-16.
