Why is June 15th special for salaried individuals? Find out today—it’s a matter related to Income Tax..

Income Tax: Every year, as soon as the income tax return filing season begins, lakhs of salaried employees start preparing to file their ITRs. However, tax experts suggest that salaried individuals should wait until at least June 15th. The question now arises: why exactly is June 15th significant for salaried employees?

Essentially, June 15th marks the deadline for the issuance of Form 16. This means that by June 15th, every salaried employee receives their Form 16. This is precisely why the date of June 15th holds such great importance for all salaried individuals.

Form 16 serves as the official record of your salary, TDS (Tax Deducted at Source), tax exemptions, and tax deductions. If you file your return before receiving Form 16 and discrepancies are subsequently discovered in the data, you may be required to file a revised return or face a notice from the tax department.

What is Form 16, and why is it so important?
Form 16 is a TDS certificate issued by an employer to its employees.

It contains details regarding the amount of tax deducted from the employee's salary and deposited with the government.

Form 16 consists of two parts:
What does Part A contain?

Names of the employee and the employer
PAN details
TAN details
Details of the TDS deposited
What does Part B contain?

Gross Salary
Tax-exempt allowances
Standard Deduction
Other deductions
Taxable Income
Estimated Tax Liability

What is the difference between AY 2026-27 and FY 2025-26?
Many taxpayers remain confused about this distinction every year.

Term | Period
Financial Year (FY) 2025-26 | April 1, 2025, to March 31, 2026
Assessment Year (AY) 2026-27 | The year in which the income earned during FY 2025-26 is assessed and the tax return is filed.
In other words, the tax returns currently being filed pertain to the income earned during the Financial Year (FY) 2025-26.

What are the risks of filing an ITR before receiving Form 16?
Technically, you can file your Income Tax Return (ITR) even without Form 16; however, doing so may lead to the following issues:

Salary income may be reported incorrectly.
Discrepancies may arise in TDS data.
Tax refunds may get delayed or stuck.
You may receive a notice from the Income Tax Department.
You may subsequently need to file a Revised Return.

Which employees are eligible to receive Form 16?
You will receive Form 16 if:

TDS has been deducted from your salary.
Your income exceeds the taxable threshold.
Your employer has deposited the tax with the government.
What should employees who have changed jobs do?
If you have changed jobs during the Financial Year (FY) 2025-26, you should:

Obtain a separate Form 16 from your previous employer.
Obtain a separate Form 16 from your new employer.
Prepare your tax return based on both these documents.

Which employees do not receive Form 16?
Not every employee is required to receive Form 16. Generally, you will not receive Form 16 if:

Your income is not taxable.
Your employer has not deducted any TDS.
Your tax liability is zero.
Since Form 16 is essentially a TDS certificate, issuing it is not mandatory if no TDS has been deducted.

What should you do if you do not receive Form 16 by June 15th?
If TDS has been deducted from your salary but you have not yet received Form 16, you should:

First, contact your HR Department.
Request the Payroll Team.
Request the document via email.
If necessary, you can use these documents to file your ITR.

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