Form 16 Date: Form 16 is an important tax document for salaried professionals. Employees are waiting for this form to file tax return for FY 2022-23. Income tax return has to be filed by 31 July 2023.
In such a situation, the process of filing ITR starts before June. ITR-1 and ITR-4 have become available online as well as offline, so ITR can be filed through these also.
But when will I get Form 16?
Form 16 for this financial year may start issuing on or after 15 June 2023. From June 15, all companies will start issuing this form to their employees. If your TDS has been deducted between April-2022 to March-2023 then it can also come by the end of June. You can take information from your company that by when your Form-16 can be issued. If you have changed jobs during this period, you can also ask for Form 16 from your old company. Generally companies give Form 16 while relieving the employee.
What is Form 16?
Form 16 is a pre-filled form, which contains information about your salary income, TDS deducted, etc. How much salary income have you received from your employer throughout the year, how much TDS has been deducted, how much tax liability has been made, all this has been told.
Check these details in Form 16A
In Part-A of Form-16, the amount of TDS (Tax Deducted at Source) deposited by the employee has been deducted, it also contains the PAN-TAN information of the employer. Employer can generate and download Form 16 of TRACES. Both employers for both periods.
What is in Form 16A?
Name and address of the employer TAN and PAN of the employer PAN of the employee Information about the amount of tax deducted and deposited by the employer. Check these details in Form 16B
Employee details in Form 16B are prepared by the employer. It contains information about salary breakup and tax deductions allowed under Income Tax Chapter VI-A. If you have changed jobs, you should collect Form 16B from both the companies.
keep these four things in mind
When you receive Form 16, make sure that all your information in both the parts is correct. Also check whether your salary breakup, TDS deducted amount is correct or not. If any detail is misprinted, get it corrected immediately by your HR or Finance department. In case the TDS amount has been wrongly deducted, the employer will deduct the correct TDS amount on your PAN and re-process the return and then issue updated Form-16 to you.
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