Income Tax Return: What is Form 16? Top things taxpayers should check in this document before filing ITR
ITR: One of the most crucial documents for income tax returns, Form 16 is usually issued by the employer. (AI image)
Income Tax Return (ITR) filing FY 2024-25: Filing ITR can be a daunting task for many. Salaried taxpayers are often confused about the documents they need to e-file ITR. One such important document is Form 16.
One of the most crucial documents for income tax returns, Form 16 is usually issued by the employer. We take a look at the importance of Form 16 for ITR filing purposes:
What is Form 16? Explained
Commonly, Form 16 is a certificate issued by the employer to employees for the tax deducted at source (TDS) on salary paid to them during the relevant financial year.
'It is issued by the employer annually after the end of the financial year, on or before 15th June of the following financial year,' says Surabhi Marwah, Tax Partner, EY India.
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It may also be issued by specified banks to senior citizens above 75 years of age with respect to TDS on pension and interest income earned from the same bank.
Form 16 comprises of two parts – Part A and Part B:
Part A contains details such as – name and address of the employer and employee, Permanent Account Number (PAN) of the employer and employee, Tax Deduction and Collection Account Number (TAN) of the employer, year/ period for which it is issued, summary of salary paid and taxes deducted at source thereon etc.
Part B contains details of income earned – salary/ pension, other income (like house property and interest), exemptions from salary, standard deduction, deductions under Chapter VI-A, the tax payable etc.
According to Surabhi Marwah, in addition, Form 12BA containing details of perquisites given (such as accommodation, gifts, and ESOPs) to the employees and the total TDS deposited is also issued along with the Form 16.
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'Upon receiving Form 16, employees should verify their personal information, employer details, salary, exemptions (like HRA and LTA), deductions (such as 80C and 80D), as well as the taxes deducted and deposited and also that the total amounts reported in Part A and B match,' Surabhi Marwah tells TOI.
Typically the last date to file ITR is July 31, but this year the Income Tax Department has extended it to September 15, 2025. Before you sit down to file your ITR, make sure you have thoroughly checked your Form 16.
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ITR e-filing AY 2025-25: What is Annual Information Statement (AIS) and how is it different from Form 26AS? Top points for taxpayers
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