Check PAN number, salary and tax exemption information after receiving Form 16.
Salary taxpayers do not have access to the ITR filing option on the e-filing website of the Income Tax Department for Assessment Year 2023-2024.
If you are one of those people who are working, then you should wait to file your Income Tax Return (ITR). This is because the employers will provide only Form 16 to the employees till June 15. Consequently, salaried individuals will be allowed to file ITR only after June 15. Salaried individuals can file their taxes till July 31. The employer has to provide Form 16 to the employees on or before 15th June. Salary taxpayers do not have access to the ITR filing option on the e-filing website of the Income Tax Department for Assessment Year 2023-2024.
For those of you who do not know, companies issue Form 16 to their employees. It certifies the TDS deducted from the salary of the employee. It also shows that the company has deducted TDS and given it to the government. Form-16 form has two parts. Part A and Part B. Part A contains the TAN of the establishment, its and employee’s PAN, address, assessment year, period of employment and brief details of TDS deposited to the government. Part B contains the detailed breakup of salary, exemption allowances available under section 10 and deductions allowed under the Income Tax Act.
Companies provide Form 16 to their employees. It confirms the TDS deducted from the salary of the employee. Additionally, it shows that the business has collected TDS and paid it to the government. Form-16 has two components – both Part A and B. TAN of the establishment, PAN of each employee, residence, assessment year, length of service and brief details of TDS deposited to the government are all found in the part. A. A complete breakdown of salary, Section 10 exemption allowances, and deductions of the Income Tax Act is included in Part B.
Form 16 should be provided to the employees by all the employers (businesses). Employer can be punished for not issuing Form 16. A fine of Rs 100 per day can be imposed under section 272 of the Income Tax Act. Employees can complain about the company to the Assessing Officer if Form 16 is not received. If someone loses Form 16, they can request a replacement from their employer. Both the companies will offer a worker Form 16 if they change posts throughout the financial year.
There should not be any difference between Form 16 and the return, so review it carefully. Check PAN number, salary and tax exemption information after receiving Form 16. Additionally, refer to the PAN, TAN, signature and seal of the employer. Additionally, the employee is required to advise the employer of the new investment. If the employer is not aware, there will be discrepancy in the returns.
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