Are you a salaried individual who has received Form 16 from your employer? If not, you should be worried! According to income tax regulations, employers are required to provide Form 16 to their employees by June 15. This document is crucial for salaried individuals when filing their income tax return (ITR).
What is Form 16?
Form 16 serves as a comprehensive record of an employee's total salary income earned during the previous financial year and the total tax deducted from their salary. It is essential for easily filing ITR, making it important to ensure its accuracy.
| Part A | Part B |
|---|---|
| Tax deducted at source (TDS) from an employee's salary income and deposited against their PAN between April 1, 2023, and March 31, 2024. | Salary paid to the employee during the previous financial year, including a comprehensive breakdown of the salary, allowances, tax regime selected for TDS on salary, and deductions claimed according to the chosen tax regime. |
Important Tasks to Perform with Form 16
- Check information: Meticulously review Form 16 to ensure all details are correct, including personal information, employer details, salary breakdown, tax regime opted for TDS on salary, claimed deductions according to the chosen tax regime, and information on tax deducted at source (TDS).
- Form 16 comparison with Form 26AS: Download your Annual Information Statement (AIS) and Form 26AS from the income tax department's website and compare the information with Form 16.
- What if there are discrepancies? Compare the TDS information in Form 16, AIS, and Form 26AS to identify any discrepancies. If there are any inconsistencies, contact your employer's HR or finance department to resolve the issues.
Deadline for Filing Income Tax Returns
The deadline for filing income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024. Therefore, it is essential to rectify any errors promptly to obtain the updated Form 16 well before the deadline.
What to Do If You've Switched Jobs
If you've switched jobs during the financial year, obtain Form 16 from all your employers and thoroughly review and verify the information according to the aforementioned steps.
After verifying the information in Form 16, you can begin preparations for filing your ITR. In addition to Form 16, gather other essential documents, including bank statements, interest certificates, capital gains statements, and proofs for claiming tax breaks, etc., to facilitate the ITR filing process.