What is Form 16 and when will it be issued... Why is it necessary for ITR?
The last date for filing an Income Tax Return (ITR) for the financial year 2023-24 is 31 July 2024.
Salaried individuals can start filing ITR after receiving Form 16 in June. Form 16 is a very special document.
Form 16 plays an important role in filing ITR. Without this, it is not easy to fill ITR for salaried employees.
Form 16 contains details of tax deducted during a financial year. Besides this, there is also information about earnings from salary.
Apart from this, Form 16 contains information about PAN, employer's TAN (Tax Deduction and Collection Account Number), TDS, and deductions under various sections of the Income Tax Act.
Form 16 serves as a document of TDS deducted by the employer, which facilitates accurate filing of employee income tax returns. This form contains all the information required for filing income tax return such as salary income, deductions and TDS.
It is an important document for salaried employees as it helps them claim tax refunds. It also serves as a document of income earned during the financial year.
Form 16 is usually issued by employers to their employees on or before June 15.
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