logo
It's time to get Form 16 from your employer, and what to do if it's missing

It's time to get Form 16 from your employer, and what to do if it's missing

Salaried Indians have started receiving Form 16, a document employers provide to help in filing Income Tax returns (ITR). Here's when you should get the document.
According to the Central Board of Direct Taxes (CBDT) under Rule 31(3) of Income Tax Rules, 1962, salaried employees should receive Form 16 by June 15.
Employers are required to furnish Form 16 within 15 days after filing the fourth quarter TDS return (Form 24Q), which is due on May 31. This means the last date to issue Form 16 is June 15, as per CBDT norms.
What is Form 16?
Form 16 is a certificate that organisations give to their salaried employees. It is a summary of the salary paid and tax deducted at source in a financial year. It has two parts:
Can you file ITR without Form 16?
Yes, it is possible to file your tax return even if you haven't received Form 16. Taxpayers can use salary slips, Form 26AS, the Annual Information Statement (AIS), and bank statements as alternatives.
'Taxpayers should use salary slips and compare them with Form 26AS and AIS data. If all three are consistent, one can proceed with ITR filing even without Form 16,' said Ritika Nayyar, partner, Singhania & Co.
What if there's a mismatch?
Sometimes, the figures in Form 16 may not match what's reflected in the income tax portal. This can delay return filing.
'If there is a mismatch between Form 16 and AIS, taxpayers should reconcile using payslips and seek correction from the employer, if required,' said Sandeep Bhalla, partner at Dhruva Advisors.
For FY25 (assessment year 2025-26), the last date to file ITR has been extended to September 15. Filing after this date may attract penalties.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Drawn by demand and high returns, non-Mumbai developers rush to tap city's booming realty market
Drawn by demand and high returns, non-Mumbai developers rush to tap city's booming realty market

Time of India

time3 hours ago

  • Time of India

Drawn by demand and high returns, non-Mumbai developers rush to tap city's booming realty market

Mumbai's property market is attracting developers nationwide due to sustained demand and redevelopment potential. Encouraged by high prices and limited land, firms from Bengaluru, Delhi NCR, and Pune are entering through joint ventures and other partnerships. Redevelopment projects, including slum rehabilitation, offer significant opportunities, despite challenges like high costs and regulatory hurdles. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Mumbai is experiencing a rush of property developers from other parts of the country, drawn by sustained demand and the long-term potential of redevelopment-led activity in India's biggest and priciest property by elevated prices amid limited land parcels, developers from markets such as Bengaluru, Delhi NCR and Pune are looking to get a foothold in housing market in India's financial hub continues to record robust performance in registrations and high-value transactions across key micro-markets, attracting developers from outside the the financial appeal of Mumbai's realty market remains strong, challenges persist. High construction costs, complex land ownership structures, and regulatory timelines remain key hurdles."Developers from diverse geographies are entering Mumbai buoyed by financial backing from private equity, and institutional funding under joint venture, joint development, or development management business models," said Niranjan Hiranandani, chairman, Naredco. "Redevelopment projects, including society and slum rehabilitation, stand out as untapped opportunities for these players, often implemented in collaboration with local developers for smoother navigation through approvals, compliance mechanisms, and on-ground execution."Recently, New Delhi-based DLF re-entered the market through a joint venture for a project related to slum rehabilitation scheme in Mumbai's Andheri suburb. The company said it has received bookings for over 416 apartments worth ₹2,300 crore in the project's first phase and 20% buyers are non-desident Indians (NRIs)."Our entry into Mumbai represents a significant strategic milestone for DLF," said Aakash Ohri, joint MD, DLF Home Developers, a 100% subsidiary of non-Mumbai entities including Prestige Group, Embassy Group, RMZ, Puravankara , Blackstone-backed Kolte Patil Developers , and Ramky Estates & Farms have entered the Mumbai property market. Many more are currently exploring options. Most of these have reported robust sales performance on the back of ongoing steady housing demand."The interest from non-Mumbai players for an entry here has grown sharply in recent quarters. For many of them, the partnership model works out to be the best strategy with local execution support, reduced risk, and the ability to leverage a brand," said Gulam Zia, senior executive director, Knight Frank contributed nearly 28% of the total residential sales value across the top eight cities in the first half of 2025, making it a key target for developers."Mumbai appears to be a huge opportunity for a developer like us with a good execution track record. We are fully equipped to manage little complexities in the growth journey. We have so far acquired 7 key projects in the city including South Mumbai," said Rajat Rastogi, CEO, west and commercial business, to industry experts, Mumbai's redevelopment-centric approach shaped by regulatory frameworks such as Development Control & Promotion Regulations (DCPR) 33(7), 33(9), and slum rehabilitation schemes require experience in handling tenant consent, approvals, and municipal processes. This regulatory complexity continues to deter direct entry for many national developers, making partnerships a preferred from Mumbai and its suburbs, satellite towns including Thane and Navi Mumbai, and peripheral markets are also being explored by developers.

Trump hints at ‘rebates' for Americans from tariff revenue surge. What to know
Trump hints at ‘rebates' for Americans from tariff revenue surge. What to know

Hindustan Times

time3 hours ago

  • Hindustan Times

Trump hints at ‘rebates' for Americans from tariff revenue surge. What to know

President Donald Trump said on Friday that his team is looking at giving Americans a rebate because of the money coming in from tariffs placed on other countries. Trump has often used tariffs, taxes on goods the US imports, to pressure other countries over immigration, drugs, and trade issues. These tariffs have made markets go up and down, according to a Newsweek report. Donald Trump has stood by his tariff decisions, saying 'some little pain' now will be 'worth the price that must be paid' in the long run.(REUTERS) Experts have warned that tariffs make everyday goods more expensive for Americans. However, Trump has stood by his decisions, saying, 'some little pain' now will be 'worth the price that must be paid' in the long run. What did Trump say? Speaking outside the White House on Friday, Trump said, 'so much money coming in,' and added, 'we're thinking about a little rebate, but the big thing we want to do is pay down debt.' Also Read: Why did Donald Trump warn tech giants like Google and Microsoft against hiring Indians? The US debt is now over $36 trillion Trump, who was about to leave for Scotland, added, 'But we're thinking about a rebate,' and 'a little rebate for people of a certain income level might be very nice.' He didn't say who would get the rebate or how much it would be. Customs duties brought in over $100 billion for the 2025 fiscal year so far. In June alone, the US made nearly $27 billion in tariffs, according to the Treasury Department. What are others saying? Senator Josh Hawley posted on X, 'I will introduce legislation in the Senate to send a rebate check to every working person in America.' Economist Joseph Brusuelas also posted on X, 'Interesting way to concede that tariffs-trade taxes-are going to be passed along to consumers in the form of higher prices & inflation: Trump floats the possibility of tariff rebate checks.' What's next? Trump is heading to Scotland for five days. He'll visit two of his golf courses and meet with UK Prime Minister Keir Starmer. His trip comes just before the August 1 deadline for the US and the European Union to strike a trade deal. If no deal is reached, Trump plans to hit EU imports with a 30% tariff.

'Western vs Indian': Differing management approaches reflect cultural roots
'Western vs Indian': Differing management approaches reflect cultural roots

Business Standard

time3 hours ago

  • Business Standard

'Western vs Indian': Differing management approaches reflect cultural roots

Western management abhors ambiguity. Indians tolerate and thrive in it R Gopalakrishnan Mumbai Listen to This Article Several Indian thinkers (me included) place an emphasis on an 'Indian' way as compared to a 'Western' way of management. They refer to Swami Vivekananda or the Mahabharata to draw lessons. Is this relevant or valid? There is some degree of validity, but only some, particularly in the equilibrium between efficiency and effectiveness. Our assumptions about life and work are shaped by deep and unmanifest influences of culture, for example, deference to power, authority, and age, as seen in Indian business leaders genuflecting before ministers and bureaucrats. When I saw North Atlantic Treaty Organization chief Mark Rutte, a blunt Dutchman,

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store