ITR Tips: Before filing ITR, do not forget to check these things in Form-16, read full details..
The last date for filing an Income Tax Return (ITR) is about to come. In such a situation, all taxpayers should file ITR within time to avoid late filing and penalties. If you are a salaried taxpayer, then you must check the information given in Form-16 before filing the return (ITR Filing).
Let us tell you that Form-16 is a very important document for salaried taxpayers. ITR cannot be filed without it. Today we will tell you what taxpayers should check in Form-16, before that let us know what information is included in Form-16.
Form-16 contains this information.
Taxpayers Gross Income
Net Income Details
TDS Information
Must check this information
The taxpayer should check the TDS data given in Form-16. Many types of taxes are deducted by the company from the salary of the employer. Form 16 contains information about how much tax or TDS the company has deducted from the employee's salary throughout the year.
The TDS data in Form-16 should be cross-checked with Form 26AS and the Annual Information Statement (AIS). The details of both these forms should match. If there is a mismatch, then the salaried person should not file the return.
Form-16 contains incorrect information.
If the taxpayer feels that any details in Form-16 are incorrect, then he should not file the return. If you file an ITR with incorrect information, then there is a risk of the return being defective. Apart from this, if there is any incorrect information, then a notice can also be sent by the Income Tax Department.
On the other hand, if the taxpayer has changed jobs, then he must take Form-16 from his company. After this, you should check the data of Form-16 given by the old company and the new company.
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