Income Tax Return Filing FY 2023-24: Form 16 is an important doc when it involves filing the income tax return. It is a TDS certificates issued by employers to their workers, which accommodates particulars of wage income paid, the tax regime chosen by the worker for TDS on wage, whole tax deducted and deposited towards wage income throughout the monetary yr, and eligible deductions claimed by the worker.
Additionally, a TDS certificates should be issued inside 15 days from the due date for filing the TDS return by the deductor, as per the income tax legal guidelines and it could actually solely be issued after the TDS return for the final quarter (This fall) has been filed.
Now, the due date for filing the fourth (closing) quarter TDS return is May 31, so workers would have gotten their Form 16 by June 15.
However, an employer might also concern Form 16 earlier, however provided that the worker has filed the TDS return for the fourth quarter of the earlier monetary yr. The TDS certificates is issued for the monetary yr through which tax was deducted by the employer whereas making wage funds.
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For instance, an employer is required to concern Form 16 for FY 2023-24 (AY 2024-25), exhibiting tax deducted on wage income paid between April 1, 2023, and March 31, 2024.
Form 16 consists of two elements: Part A and Part B. Part A exhibits the entire tax deducted from wage income in every quarter of the monetary yr, together with different particulars corresponding to the worker’s PAN, the employer’s PAN and TAN, and the identify and handle of each the employer and worker.
Employees ought to be sure that the entire tax deducted throughout the monetary yr matches the tax deduction proven in Form 26AS and if there are any discrepancies, they need to be delivered to the employer’s consideration and corrected.
Part B exhibits the tax regime the worker opted for to calculate TDS on wage, gross wage paid throughout the yr (together with allowances and perquisites), eligible deductions and exemptions claimed, and web tax paid on the taxable wage.
Also Read | Form 26 AS: Filing Income Tax Return? Know why Form 26AS is important & find out how to obtain it
Most importantly, taxpayers ought to verify the small print in Form 16 with these in Form 26AS to make sure there are not any mismatches.
Form 26AS is a tax assertion exhibiting info on all TDS and TCS deducted/collected from a person/taxpayer throughout the monetary yr.
Form 26AS might be downloaded from the income tax e-filing portal. The whole tax deducted and deposited, as proven in Form 26AS, ought to match the quantities in Part A of Form 16.
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Additionally, workers ought to be sure that they’ve obtained each elements of Form 16 and each ought to have the TRACES emblem to make sure authenticity, because the issuer is required by regulation to obtain them from the TRACES portal after filing TDS returns.
Additionally, a TDS certificates should be issued inside 15 days from the due date for filing the TDS return by the deductor, as per the income tax legal guidelines and it could actually solely be issued after the TDS return for the final quarter (This fall) has been filed.
Now, the due date for filing the fourth (closing) quarter TDS return is May 31, so workers would have gotten their Form 16 by June 15.
However, an employer might also concern Form 16 earlier, however provided that the worker has filed the TDS return for the fourth quarter of the earlier monetary yr. The TDS certificates is issued for the monetary yr through which tax was deducted by the employer whereas making wage funds.
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For instance, an employer is required to concern Form 16 for FY 2023-24 (AY 2024-25), exhibiting tax deducted on wage income paid between April 1, 2023, and March 31, 2024.
Form 16 consists of two elements: Part A and Part B. Part A exhibits the entire tax deducted from wage income in every quarter of the monetary yr, together with different particulars corresponding to the worker’s PAN, the employer’s PAN and TAN, and the identify and handle of each the employer and worker.
Employees ought to be sure that the entire tax deducted throughout the monetary yr matches the tax deduction proven in Form 26AS and if there are any discrepancies, they need to be delivered to the employer’s consideration and corrected.
Part B exhibits the tax regime the worker opted for to calculate TDS on wage, gross wage paid throughout the yr (together with allowances and perquisites), eligible deductions and exemptions claimed, and web tax paid on the taxable wage.
Also Read | Form 26 AS: Filing Income Tax Return? Know why Form 26AS is important & find out how to obtain it
Most importantly, taxpayers ought to verify the small print in Form 16 with these in Form 26AS to make sure there are not any mismatches.
Form 26AS is a tax assertion exhibiting info on all TDS and TCS deducted/collected from a person/taxpayer throughout the monetary yr.
Form 26AS might be downloaded from the income tax e-filing portal. The whole tax deducted and deposited, as proven in Form 26AS, ought to match the quantities in Part A of Form 16.
Also Check | ITR e-Filing FY 2023-24: Which Is The Correct Income Tax Return Form For You?
Additionally, workers ought to be sure that they’ve obtained each elements of Form 16 and each ought to have the TRACES emblem to make sure authenticity, because the issuer is required by regulation to obtain them from the TRACES portal after filing TDS returns.
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