Mumbai: Many salaried people are still waiting to file their Income Tax Return (ITR) because they haven’t received Form 16 yet. Good news – as per the income tax rules, Form 16 must be given to employees between June 1 and June 15.
The last date for companies to file TDS (Tax Deducted at Source) returns is May 31. After this, employers must issue Form 16 within 15 days. So, if you haven't received it by June 15, contact your HR department.
What is Form 16?
Form 16 is a certificate that shows how much tax was deducted from your salary and what tax deductions you claimed. It also contains your salary details, income sources, and tax benefits.
The best part? The details from Form 16 are usually pre-filled in your ITR form. You only need to check, verify, and submit your return. Filing ITR takes just 2–3 minutes now.
Parts of Form 16
Form 16 has two parts – Part A and Part B.
Part A:
Contains your PAN, company’s TAN and PAN
Employment period
Details of TDS deposited with the government
Part B:
Shows salary breakup, gross salary, net salary
How much House Rent Allowance (HRA) you received
Amount contributed to PF account
Professional tax deducted
Section-wise tax deductions you claimed (like investments in savings, medical, etc.)
Match it with Form 26AS
Form 26AS is a full tax summary of the income you earned and tax deducted. Before filing ITR, always compare Form 16 with Form 26AS.
You can download Form 26AS from the Income Tax e-filing website using your account. This step helps you check if all tax deductions are correctly shown.
If you are a salaried employee, wait till June 15 for Form 16. After that, you can easily file your ITR before the deadline, which has been extended to September 15 this year.
