ITR Filing with Form-16: If you want to file income tax return through Form 16, then it is important to keep some important things in mind.
The process of filing income tax returns for the financial year 2023-24 and assessment year 2024-25 has started. You can file ITR till 31 July 2024 without penalty. It is necessary for a salaried person to have Form 16 to file ITR. Form 16 is issued by the employer. Through this, filing income tax returns becomes easy.
It is necessary to issue Form 16 by 15 June
Form-16 issued by the company contains information about the gross income of the taxpayers as well as net income, TDS deducted from income. In such a situation, it becomes very easy to file income tax return through this form. According to the rules of the Income Tax Department, every company is required to issue Form-16 to its employees by June 15, 2024. Most companies have issued Form 16 to their employees.
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Form-16 has a total of two parts. Part A contains information about the tax deducted on income on a quarterly basis. Keep in mind that the company has issued both parts of Form-16 to you. Along with this, both parts should have the TRACES logo, which ensures its authenticity.
Part B contains the details of the total salary received by the taxpayer from the company in that financial year. Along with this, information about deductions and exemptions is also recorded in it. After this, you can calculate your tax liability by calculating the net salary from here.
Match Form 16 with Form 26AS
If Form-16 has been issued to you by the company, then first of all it is necessary to match it with Form 26AS. If there is some difference in the data given in both, then you should inform your company about it. After this, the employer will check the TDS data and correct it. If you do not do this, you may also get an income tax notice later. If the information of Form 16 matches with Form 26AS, you can file income tax return.
