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ITR Filing: The process of filing income tax returns for the financial year 2023-24 and assessment year 2024-25 has started. You can file ITR without penalty till 31 July 2024. A salaried person must have Form 16 to file ITR. Form 16 is issued by the company where you work. This makes filing income tax returns easier.
Form 16 must be submitted by June 15
In Form-16 issued by the company, information about the total income of the taxpayers as well as the net income and TDS deducted from the income is recorded. In such a situation, it becomes very easy to file income tax return through this form. According to the rules of the Income Tax Department, every company has to issue Form-16 to its employees by June 15, 2024.
Form-16 has two further sections
Most companies have issued Form 16 to their employees. Form-16 has a total of two sections. Part A contains information about the tax deducted on income on a quarterly basis. Note that the company must have issued you both parts of Form-16. Also, the TRACES logo should be present on both parts to ensure its authenticity.
Whereas Part B contains the account of the total salary received by the taxpayer from the company in that financial year. Along with this, information about deductions and exemptions is also recorded in it. After this, you can calculate your tax liability by calculating the net salary from here.
Match Form 16 with Form 26AS
If Form-16 has been issued to you by the company, then first of all it is necessary to match it with Form 26AS. If there is any difference in the data given between the two, then you should inform your company about it. After this the employer will check the TDS data and correct it. If you do not do this, then you may also get an income tax notice later. If the information in Form 16 matches with Form 26AS, then you can file income tax return.
