New Delhi: Income Tax Return (ITR) filing season is here. The due date for filing ITR is 31 July 2024. Salaried employees must be waiting for their Form 16. Form 16 is a certificate which is issued by the employer after deducting tax from employer’s salary. ITR can be filed without Form 16 as well. But, Form 16 makes the process easy as it contains information regarding income and deductions that can be claimed while filing ITR.
Due date to issue Form 16
Form 16 is a proof that your TDS has been deducted by the employer. Form 16 is issued for the financial year in which the salary is earned. So, your employer will be deducting tax on salary paid between April 1, 2023, and March 31, 2024. As per the Income Tax Act, Form 16 should be provided within 15 days from the due date of filing TDS return. The due date for filing the TDS return was May 31, 2024. So, as per the Income Tax law, your employer has to issue Form 16 by June 15, 2024. Your employer can issue this form early as well. It totally depends on the date of filing the TDS return by the employer. The employer can only issue Form 16 after filing the TDS return for the fourth quarter (January-March) of the previous financial year.
Form 16A and Form16B
Form 16 contains details of salary paid to the employee, tax regime opted by an employee for TDS on salary, tax deducted and deposited and deductions. Form 16 is divided in two parts – Part A and Part B. Before filing ITR, make sure that you have received both parts of Form 16.
Part A of Form 16 contains information like quarterly tax deducted from salary and other details such as the PAN of the employee and TAN of both the employee and employer. Match your Form 16 with Form 26AS to ensure if the tax deducted by the employer has been submitted by the employer with the government. You should also check that the TDS amount given in both forms should be the same. Part B of Form 16 shows the tax regime, gross salary, allowances and perquisites, deductions and exemptions and net tax paid.
Match Form 16 with Form 26AS
Form 26AS is a tax statement containing information related to TDS and tax collected at source (TCS) deducted. Match your Form 16 with Form 26AS to ensure that the tax deducted by the employer has been submitted to the government. You should also check that the TDS amount given in both forms should be the same.
ITR 2024: Form 16 is issued by the employer after deducting tax on salary. Employer can share it only after filing the TDS return. The due date for filing the TDS return was May 31, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
