ITR Filing For FY23-24: All You Need To Know About Form 16

ITR Filing For FY23-24:?All workers who receive a regular salary must wait for over two months before they can file their income tax returns (ITR) for the financial year 2023-24. Typically, employers hand out Form 16 around the middle of June, specifically before June 15. For the financial year 2023-24 (assessment year 2024-25), Form 16 should be given out by June 15, 2024.

What is Form 16?

Form 16 is an essential document for salaried employees when filing their income tax returns (ITR). It's a certificate given by your employer, detailing your salary and the tax deducted from it. It also includes any deductions you've claimed.

Understanding Form 16: Parts A and B

• Part A shows the taxes taken from your salary by your employer, known as tax deducted at source (TDS).
• Part B of Form 16 shows your salary and deductions you've claimed, helping determine your taxable income.

Explaining Forms 16A, 16B, and 16C

If you've bought or sold property or received rental income, these forms might be relevant. Form 16A is from the tax deductor, 16B from the property buyer, and 16C from the tenant.

Also Read:?Have You Ever Seen India's Zero Rupee Note? Know How It Came To Be

When Does Your Employer Give You Form 16?

According to the law, employers must provide Form 16 to employees by June 15 of the assessment year.

Why Review Form 16?

It's crucial to check Form 16 against Form 26AS and Annual Information Statement (AIS)/ Tax Information Summary (TIS) for discrepancies. This ensures accuracy in your tax return, reduces scrutiny chances, and speeds up tax refunds.

Is Form 16 Needed for ITR?

No, it's not mandatory. You can file your ITR without Form 16. However, waiting for Form 16 is wise as it contains vital tax information, and its data is prefilled in the ITR form on the income tax portal.

Also Read:?Stop Making These 10 Common Credit Card Mistakes Right Now