New Delhi: The income tax filing process for financial year 2023-24 and assessment year 2024-25 is underway. Many times it is seen, that the taxpayer finds out that there is mismatch between how much tax deductions he has claimed in his Income Tax Return (ITR) form and details of tax deducted at source (TDS) mentioned in his Form 16. As a result, the taxpayer can even get an Income Tax Department notice regarding the same. And, if the mismatch is not resolved, the IT Department can levy penalties. So, let’s see what you should do if any such discrepancy is found in Form 16 and income tax return form.
Review Information
The tax payer should review details mentioned in both Form 16 and his ITR form. He should cross check personal details like name, address, deductor’s TAN, etc. He should also cross check details of tax deductions and exemptions he has claimed in his ITR form.
Form 16 Re-Issuance
If the tax payer thinks the discrepancies are due to wrong TDS details mentioned in Form 16, he should contact his employer. He should explain it to his employer that wrong details have been mentioned and he should request for issuance of a revised Form 16.
Rectify and Update ITR Form
If the taxpayer finds that the discrepancies were due to wrong information being mentioned by him in ITR form, then he must rectify and update that information and refill his ITR form.
If the tax payer takes these steps then he can easily find out the reasons behind mismatch in information mentioned on TDS in his ITR form and Form 16. This way he can avoid the Income Tax Department’s notice and avoid the levy of penalties.
What is Form 16?
Form 16 is a certificate issued to salaried individuals by their employers. It contains information about tax deducted at source by the employer from the employee’s salary. It is an acknowledgement from the employer stating that the tax deducted at source from employee’s salary has been deposited with the Income Tax department.
ITR filing 2024: A tax payer can request his employer for re-issuance of Form 16 if he comes across any mismatch between Form 16 and Income Tax Return (ITR) form. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
