The season for filing Income Tax Return has started and soon salaried taxpayers will start getting Form-16 from their employer. This time companies will start giving Form-16 to their employees from June 15. Form-16 is a very important document for salaried taxpayers. This makes it very easy for them to file Income Tax Return (ITR Filing). Let us know what is this Form-16 and why it is so important…
It is mandatory for companies
Form-16 plays an important role in the return filing process. It contains information about the salary given to the employee, deductions claimed by the employee and TDS deducted by the employer i.e. Tax Deducted at Source. Under Section 203 of the Income Tax Act, it has been made mandatory for companies to give Form-16 to their employees, which has complete details of TDS deducted on their income.
don’t wait for the deadline
Now when companies will start giving Form-16 from today, it is possible that you will also get it soon. After getting Form-16, time should not be spent in filing income tax return. This time the deadline for filing income tax return (ITR Filing Deadline) is 31 July. This means that you can file income tax return till 31st July 2023 without any fee. It is not right to wait for the deadline to come, because it has been seen many times that problems arise due to increase in traffic on the portal in the last days.
Check the details of the allowance
Before filing income tax return, it is necessary to examine Form-16 thoroughly. You must also do this work before filing your return. Check whether the allowance etc. has been shown in your Form-16 or not. Among these, House Rent Allowance ie HRA and Leave Travel Assistance ie LTA are important. Apart from this, it is also necessary to check these 5 things before filling ITR.
Pay attention to these 5 things
- Check whether your PAN number is correct or not. If it goes wrong then you will not be able to claim Income Tax Refund.
- Check your name, address and company’s TAN number in Form-16.
- Make sure to match the tax deductions of Form-16 with Form-26AS and AIS.
- If you have opted for Old Tax Regime, then check the details of tax saving deductions.
- If you have changed jobs during 2022-23, then definitely collect Form-16 from the old company as well.
read this also: How to file income tax return if there is more than one Form-16? Know the easy solution here
