Income Tax Notice: Important news for taxpayers. In fact, while filing Form 16 in ITR, do not make this mistake even by mistake… Otherwise, income tax notice can come directly to your home.
Every year you will need to file ITR to get tax return. For this all of you need Form-16. This includes your income, deductions from it and many other information related to your salary. Under Section 203 of the Income Tax Act, 1961, it has been made mandatory for every company to give complete information of its employee’s income through Form-16 showing TDS. This year you should file ITR by 31st July 2023.
When you will get Form-16, then you will have to check many types of information. In this, you have to pay special attention that the deduction you get is correct. Such deductions include House Rent Allowance (HRA) and Leave Travel Assistant (LTA).
You should keep these things in mind while filing ITR-
– You should keep in mind whether the PAN number mentioned on Form 16 is correct or not. If it is wrong, then it will not appear in Form 26AS, due to which you will not be able to claim credit.
You have to check other details like your name, home address, tax deduction and collection account number. Examine it carefully.
– You should compare the tax shown in Form 16, Form 26AS and AIS (Annual Information Return. You should check the tax deducted from your salary multiple times. If anything is wrong, you can report this to the employer in Form 16. Request correction of information.
If you have opted for the old tax regime, then you can apply for the deduction. For this, make sure that all the information in Form 16 is correct.
If you have changed the job, then you must take Form-16 from the old company.