Received Form 16? Don't file your ITR without checking these points
Filing your Income Tax Return (ITR) can feel confusing, especially if you're doing it on your own. If you're a salaried person, one document that plays a major role in your ITR filing is Form 16. If you've received it from your employer and are wondering what to do next, this guide is for you.WHAT IS FORM 16?Form 16 is a certificate your employer gives you every year. It shows how much salary you earned in the financial year and how much tax was deducted from it. This tax is called TDS (Tax Deducted at Source).advertisementIt is usually given after the financial year ends, and are generally issued by June 15. If you're a senior citizen above 75, and receive income from pension and interest through the same bank, the bank may also issue a similar certificate.WHAT DOES FORM 16 CONTAIN?
Form 16 has two parts: Part A and Part B. Part A includes details such as your name and PAN, your employer's name and PAN, the employer's TAN (Tax Deduction and Collection Account Number), the period for which the certificate is issued, and a summary of the salary paid along with the tax deducted.Part B contains a detailed breakup of your income, including salary or pension, other income like interest or house rent, exemptions such as HRA and LTA, standard deduction, and deductions claimed under Chapter VI-A, like 80C for investments and 80D for health insurance.advertisementYour employer may also give a Form 12BA with Form 16. This contains details of perks given to you, like rent-free accommodation, gifts, or ESOPs.REVIEW FORM 16 BEFORE FILING YOUR ITROnce you receive your Form 16, it's very important to go through it carefully before you start filing your ITR. First, make sure your personal information like name and PAN is correct. Then check your employer's details, salary figures, exemptions, deductions, and the total tax deducted. Also, verify that the numbers in Part A and Part B match. If something doesn't look right, reach out to your employer to get it fixed.While the usual deadline for filing ITR is July 31, this year the Income Tax Department has extended it to September 15, 2025. Still, it's always better to file early and avoid the last-minute rush. Understanding Form 16 properly can make your ITR filing process smoother and help you avoid mistakes. So, take a little time to review it well, you'll thank yourself later.- EndsMust Watch
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