After that they have to issue Form 16 to the employees within 15 days. That is, June 15 is the last date for issuing Form 16. Therefore, most of the employees must have received their Form 16 by now.

What is the difference between Form 16 and Form 26AS?

Form 16: This is issued by your employer (company). It only contains the details of TDS (Tax Deducted at Source) deducted on your salary.

Form 26AS: It is issued by the government (Income Tax Department). It shows the complete record of TDS and TCS (TCS – Tax Collection at Source) deducted from all sources linked to your PAN card. That is, TDS on bank interest, TDS on shares, TDS on fixed deposits, etc. are all included in it.

Also Read: New Service For NRIs: No need for Indian SIM – Now UPI account can be linked to international Number

How to check Form 16 and Form 26AS?

1. Match PAN Number: Your PAN number should be correct and same in both the documents.

2. Match salary amounts: The total salary shown in Form 16 and the salary shown in Form 26AS should be equal.

3. Reconcile TDS amount: The TDS shown in Form 16 should match with the TDS shown in Form 26AS.

What to check in Form 16?

Exempt income: If you have claimed HRA, LTA, or any other exempted benefit (like health insurance, children’s tuition fees) in the old tax regime, make sure it is reflected properly in Form 16.

Did you submit the documents?

If you do not submit documents like rent agreement or receipts to the company, more TDS may be deducted on your salary.

Have you changed jobs? If you have changed jobs during the year, check the tax treatment of amounts such as gratuity or Leave Encashment.

What to check in Form 26AS?

Make sure that the TDS deducted by the employer, TDS on bank interest and advance tax/self-assessment tax paid by you are reflected correctly.

Also Read: New Indian Railway Rules 2025: Key Major Changes for Passengers

What to do if there is a mismatch between Form 16 and 26AS?

1. Contact the employer: First of all talk to your company (employer) or the person who has deducted TDS.

2. Wrong PAN: If the deductor has entered your wrong PAN, he will have to revise the TDS return.

3. TDS not deposited: Sometimes TDS is deducted but not deposited to the government. In such a case, the deductor has to deposit this amount and update the return.

4. Wrong salary shown: If the employer has reported the salary amount incorrectly, the wrong amount will be reflected in Form 26AS as well. Contact the employer to correct it.

Why is it necessary to match Form 16 and 26AS?

To file correct ITR: This prevents mistakes of under-reporting / overstating your income.

To get TDS credit: You get credit in the return only for the TDS shown in Form 26AS. In case of mismatch, there may be problem in getting this credit.

To avoid notice: If there is a difference between the two forms, you may receive a notice for defective return from the Income Tax Department or you may be scrutinized.

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The post Why is Form 16 necessary for ITR? To avoid notice, match it with 26AS first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return (ITR) is about to come. In such a situation, all taxpayers should file ITR within time to avoid late filing and penalty. If you are a salaried taxpayer, then you must check the information given in Form-16 before filing the return ( ITR Filing ).

Let us tell you that Form-16 is a very important document for salaried taxpayers. ITR cannot be filed without it. Today we will tell you what taxpayers should check in Form-16, before that let us know what information is included in Form-16.

This information is in Form-16

• Taxpayers Gross Income
• Net income details
• Information about TDS

Please check this information

Taxpayers should check the TDS data given in Form-16. Many types of taxes are deducted by the company from the employer’s salary. Form-16 contains information about how much tax or TDS the company has deducted from the employee’s salary in the whole year.

The TDS data in Form-16 should be cross checked with Form 26AS and Annual Information Statement (AIS). The details in both these forms should match. If there is a mismatch, the salaried person should not file the return.

Form-16 has incorrect information

If the taxpayer feels that any details in Form-16 are incorrect, then he should not file the return. Actually, if you file ITR with wrong information, then there is a risk of the return being defective. Apart from this, if there is any wrong information, then a notice can also be sent by the Income Tax Department.

On the other hand, if the taxpayer has changed his job, then he must take Form-16 from his company. After this, you should check the data of Form-16 given by the old company and the new company.

The post ITR 2023-24: Don’t forget to check these things in Form-16 before filing ITR. read full details first appeared on Rightsofemployees.com.

The process of filing income tax returns for the financial year 2023-24 and assessment year 2024-25 has started. You can file ITR till 31 July 2024 without penalty. It is necessary for a salaried person to have Form 16 to file ITR. Form 16 is issued by the employer. Through this, filing income tax returns becomes easy.

It is necessary to issue Form 16 by 15 June

Form-16 issued by the company contains information about the gross income of the taxpayers as well as net income, TDS deducted from income. In such a situation, it becomes very easy to file income tax return through this form. According to the rules of the Income Tax Department, every company is required to issue Form-16 to its employees by June 15, 2024. Most companies have issued Form 16 to their employees.

Also Read: ICICI Bank revised charges of many services for these customers. check here

Form-16 has a total of two parts. Part A contains information about the tax deducted on income on a quarterly basis. Keep in mind that the company has issued both parts of Form-16 to you. Along with this, both parts should have the TRACES logo, which ensures its authenticity.

Part B contains the details of the total salary received by the taxpayer from the company in that financial year. Along with this, information about deductions and exemptions is also recorded in it. After this, you can calculate your tax liability by calculating the net salary from here.

Match Form 16 with Form 26AS

If Form-16 has been issued to you by the company, then first of all it is necessary to match it with Form 26AS. If there is some difference in the data given in both, then you should inform your company about it. After this, the employer will check the TDS data and correct it. If you do not do this, you may also get an income tax notice later. If the information of Form 16 matches with Form 26AS, you can file income tax return.

The post ITR filing with Form 16 keep these things in mind first appeared on Rightsofemployees.com.

Every income tax payer should take utmost care while filing his income tax return (ITR Filing). Before filing ITR, it is not only necessary to collect all the necessary documents, but it is also necessary to check them thoroughly. Because wrong information recorded in any document can get your ITR cancelled or delay the refund.

Form 26AS is also one of those important documents, which is necessary to check before filing Income Tax Return (ITR). Form 26AS should be matched with Form 16/16A before filing the return. Make sure whether the money deducted as TDS is included in Form 26AS or not.

Also Read: Income Tax Return filing: Salaried individuals need to be aware of these 5 key points

Form 26AS gives information whether the TDS deducted by the company has been deposited to the government or not. It contains details of tax deducted from different sources of income of the taxpayer. These include details like tax deduction at source (TDS), tax collection at source (TCS), payment of advance tax or self-assessment tax, regular tax, refund. On the other hand, Form 16 contains complete information about the tax deducted from salary. Form 16A contains information about TDS deducted on income other than salary.

Therefore, matching is necessary.

Many times it happens that the information given in Form 16 does not match with the information given in Form 26AS. This happens due to the wrong information recorded in Form 26AS. In such a situation, if you file ITR with wrong information without matching both, then while it can cause financial loss to you, there is also a risk of your ITR being cancelled. If the information is wrong, then it is very important to correct it.

If your company or bank has made a mistake in depositing the tax with the government with your PAN number then you have to approach your company or bank to deduct the tax. You have to ask the company or bank to revise the TDS return. Once you file your TDS return with the correct details, your Form 26AS will show the correct information.

The post Why is it necessary to match form 16 and 26AS before filing ITR ? first appeared on Rightsofemployees.com.

To save time and avoid hassles, taxpayers should keep all the necessary documents in one place before filing ITR. This will make the process of filing returns very easy and there will be no hassle while filing ITR.

One thing that the taxpayer should take special care of is that he should fill all the information correctly in the ITR. If any mistake is made, the ITR is rejected by the Income Tax Department. Let us tell you which documents you should keep ready while filing income tax return.

Form 16

Form 16 is very important while filing returns. Although Form 16 is issued by the company. But, if the taxpayer has changed jobs in the financial year, then he should get Form 16 from the old company before filing the return. Form 16 contains all the information about the taxpayer’s income along with the details of Tax Deduction at Source (TDS).

Also Read: IRDA issued a new circular, Cashless claims must be cleared in 3 hours

Before filing the return, the taxpayer must check whether all the information in Form-16 is correct or not.

Interest Certificate

We get interest on the amount deposited in the bank. If we have invested in FD or any other scheme, then we have to give information about the returns received on that to the Income Tax Department.

The best way to get all the details like interest and returns is through Interest Certificate. The Interest Certificate contains the details of the bank’s interest along with other interest rates.

If interest of up to Rs 10,000 is received annually on the saving account, then there is no tax on it.

Income Source

Many taxpayers earn income from many other sources along with their jobs. For income, they invest in many places like Mutual Funds or share market etc. Information about these investments also has to be given to the Income Tax Department.

While filing ITR, the taxpayer has to tell where he has invested and how much profit he has earned from there. If the taxpayer has received capital gain through investment, then its details also have to be given in ITR.

The post Income Tax Return 2024: Keep these documents ready before filing ITR, otherwise you will get IT Notice first appeared on Rightsofemployees.com.

Let us tell you that while filing income tax return, you need some important documents as well. Form 16 is very important for salaried people while filing ITR. Form 16 is given to the employed by their office. However, it is observed that employees whose taxable income does not exceed the basic exemption limit do not receive Form 16 from their employers. Also, there may be other cases when they will not issue it.

ITR can be filed without Form 16

However, even if you do not have Form 16, you do not need to worry as you can still file your income tax return without it. Experts say that you can file your ITR even without Form 16. Form 16 gives the details of TDS and TCS between the deductor and the tax deductee. Apart from this, it also tells about the income received in the form of salary along with different allowances and deductions. As per the rule, companies, offices or employers have to issue Form 16 every year on or before 15th June.

Form 16 is in two parts

Explain that there are two parts of Form 16. In Part A, there are details about the monthly deduction of several taxes from the salary of the employees by the office or the company. Whereas in its Part B, along with the salary given by the office, there are details of any other income and the tax deducted on it. Let us now know how we can file ITR without Form 16.

How to file ITR without Form 16

If you do not have Form 16, you can file ITR through your salary slip along with Form 26AS. One can download Form 26AS from TRACES website or through net banking of authorized bank. The salary slip contains the details of all the tax deductions along with the salary.

Apart from this, taxpayers should also ascertain that the extra income, deduction claimed on HRA, deduction under section 80C and 80D and other details have also been calculated. Tax payers can file their income tax return without Form 16 if the gross income, total deduction and total TDS are the same as shown in Form 26AS.

The post You can file your ITR even without Form 16, know its complete details first appeared on Rightsofemployees.com.

The last date to file Income Tax Return ( ITR ) for the financial year 2022-23 is nearing. For taxpayers with income from salary whose accounts do not require audit, the ITR filing deadline is July 31. Companies have started issuing Form 16 to their employees. Generally, companies issue Form 16 to the employees by the first and second week of June.

This means that the employees who have received Form 16 can file Income Tax Return. Form 16, Form 16A and Form 16B are all certificates of Tax Deducted ( TDS ) on income from different sources. However, their purposes and uses are different.

What is Form 16?

This is a certificate of Tax Deducted at Source (TDS). It is also called salary certificate. Companies issue this certificate to all their employees. It contains the details of tax deducted (TDS) by the company (employer) in a financial year. The employer pays the salary to the employee every month. If the employee’s total income is taxable, then the employer calculates his tax and after deducting it every month, pays the salary to the employee. Form 16 is a very important document for people earning from salary.

Form 16 contains many types of information. These include PAN, TAN and name and address of the employer. This includes PAN, name and address of the employee. It also contains the details of TDS amount and the details of depositing it with the government.

What is Form 16A?

This applies to income other than salary. For example, the bank may deduct tax on the amount of interest you pay on fixed deposits. Similarly, Form 16A is issued for tax deducted at source on income from other sources like rent, insurance commission. It contains the name and address of the employee. It has PAN. There are details of tax deducted and deposited.

What is Form 16B?

Form 16B is the certificate that states the tax deducted (TDS) on the sale of real estate. It mentions that the TDS amount of the buyer has been deposited with the Income Tax Department. The person buying the immovable property is required to deduct TDS @ 1% of the amount paid to the seller. It is the responsibility of the buyer to deposit 1% of the amount with the Income Tax Department and provide Form 16B to the seller.

The post ITR Filing: How many types of TDS certificates are there, what is their use? first appeared on Rightsofemployees.com.

Do you know why Form 16 is provided to you? Form 16 plays an important role in filing Income Tax Return (ITR) as it provides complete details of salary paid to the employee, tax exemption claimed by the employee and tax deducted at source (TDS) by the employer .

Section 203 of the Income Tax Act of 1961 makes it mandatory for employers to issue Form 16 to their employees showing the total TDS on income. After you have received Form 16, it is important for you to check its details thoroughly to ensure that all exemptions and allowances are shown correctly. Such allowances mainly include House Rent Allowance (HRA) and Leave Travel Assistance (LTA).

Take special care of these things

1. First of all, you have to check that your PAN number matches with the PAN in the form. If the PAN is incorrect, the tax deducted from your salary will not reflect in Form 26AS and you will not be able to claim credit for the same while filing your ITR.
2. Cross-check the correctness of your name, address and employer’s TAN (Tax Deduction and Collection Account Number).
3. It is important to cross-check the actual tax deducted from your salary income by comparing it with the tax reflected in Form 16, Form 26AS and AIS (Annual Information Statement).
4. If you find any mistake, immediately inform the employer about that mistake and request to rectify the information in Form 16.
5. If you have opted for Old Tax Regime and have claimed tax exemptions, ensure that they are correctly reflected in Form 16.
6. If you have changed jobs during the financial year 2022-23, then it is necessary to take Form 16 from both the employers.
7. Before filing your ITR, it is necessary to cross-check and verify the information in Form 16 with your salary slips, AIS (Annual Information Statement), and Form 26AS.
8. It is very important to cross-check all the income declared in AIS with TDS certificate, interest income certificate and Form 26AS.

The post ITR Filing 2023: From PAN number to tax regime, check these details in Form 16, otherwise it will be difficult first appeared on Rightsofemployees.com.

The financial year 2023-24 has started. In such a situation, now the time for filing income tax return has come back. Salaried class people often use Form 16 to file ITR in India, but in many cases people can file income tax return without Form 16 as well. Form 16 is such a document through which the account of the entire taxable income of the employee can be obtained. It has been seen many times that the salary of some employees does not come under taxable income. In such a situation, the company does not issue Form 16 for them. In this case, you can file ITR without Form 16 as well.

What is Form 16?

Form 16 is an important document for filing income tax. In this document, the account of the entire income of the person is kept. From this it is known that how much money the person has spent in total. How much tax has been deducted and TDS information is also available in the financial year. In this, information about your investments etc. is also recorded.

ITR can be filed through Form 26AS-

If you do not have Form 16, you can get information about your TDS and TCS through Form 26AS. In this form, information about the person’s advance tax and high value transactions is available. Apart from this, you also need to have salary slip, HRA slip, proof of investment under Section 80C and 80D of Income Tax etc. Along with this, you will also have to deposit the proof of your home loan etc. After this you can easily file income tax return without Form 16.

How to download Form 26AS-

• If your salary does not come under income tax but you want to file ITR, you can download Form 26AS from the Income Tax website.
• For this, click on the e-file portal https://www.incometax.gov.in/iec/foportal/.
• Next you will see My Account option, click on View Form 26AS link.
• After this, select the assessment year in it and click on View Time.
• After that click on the download option and this form will be downloaded.

The post ITR Without Form 16: Can Income Tax Return be filed without Form-16? Know what is the rule first appeared on Rightsofemployees.com.

Nowadays people are rapidly changing jobs to increase their income and experience. This is a very common practice. In view of the increasing trend of changing jobs, many taxpayers have more than one Form 16 submitted to them by different employers. In such a situation, when it comes to filing tax returns, they start getting worried that how to file their ITR with more than one Form 16!

If you have two Form 16

First and foremost, don’t stress yourself out. Having more than one Form 16 does not mean that you cannot file your ITR on your own. There are three ways to file ITR with more than one Form 16. Let’s start with the simplest and easiest way.

Use tax filing portals Various tax filing websites provide the facility of ITR filing at a nominal cost. Some even provide this service for free. You go to such portal and after registering yourself, create a login ID. After this you have to upload both Form 16. If you have only physical copies of Form 16, you can manually fill in the details of each. After that click on submit button. The online portals will do the necessary calculations of your income, exemptions and deductions on their own. This process will not take much of your effort and your work will be done easily in no time.

Request a Consolidated Form 16 from your current employer

There is another easy way of ITR filing if you have changed two jobs. Demand to link Form 16 of the previous employer with that of the current employer. This way you will have only one Form 16 and you can file your ITR with a single Form 16 like any other employee.

When you change your job in the middle of the financial year, fill up Form 12B and submit it to the new employer. It discloses your past income during the year. Though it is not mandatory to fill Form 12B, but it will be more convenient for you if you fill it. Your new employer issues a consolidated Form 16 by counting your previous income. Ensure that the details filled in Form 12B, including PAN and TAN of the previous employer, tax deducted at source by the previous employer, PF deducted, break-up of previous salary and professional tax, are all included and correct. Keep in mind that it is your responsibility to fill Form 12B, not your previous employer.

Can do calculations yourself

If you are good at tax counting and have proper understanding of taxation then you can do it yourself. Once you arrive at the total taxable income, which should include not only your salary but also income through dividends, interest from your bank FDs and accounts, as well as other sources of income, then your tax Liability can be calculated. Now deduct the taxes already paid by you as TDS as per the document entered in Part-A of Form 16B. Cross-check this figure with the details available in Form 26AS and Annual Information Statement or AIS. If they match then go ahead and file the return and then verify the same.

The post ITR File New Rule Update: Two jobs have changed in one year, so know the new rules for filing ITR first appeared on Rightsofemployees.com.

The season of filing Income Tax Return is going on in the country and its deadline is 31st July. If any individual does not file his income tax return by July 31, then he can pay a fine later. For the financial year 21-22, ITR has to be filed by 31 July 2022. Now one document plays a very important role in filing income tax return and that is Form-16. This document is very important and few people are not aware of it. If you also do not know about the features of Form-16, then this article is for you.

Why Form-16 is necessary?

Form-16 is a very important document while filing income tax return. Form-16 is issued on behalf of your company. In this Form-16, apart from the salary taken through you, deduction, tax deducted, allowance, there are many other information, which comes in handy when you are filing income tax return.

Form-16 has two parts

With the help of this form, you can reconcile your income tax related data. If the data being filed in the Income Tax Return and the data filed in Form-16 are different, then you may face problems later on. Form-16 consists of two parts. One part is Part-A and the other is Part-B.

What information is in Part-A

• Employee name and address
• Name and address of employer
• Employer’s PAN number and TAN number
• Employee’s PAN Number
• assessment year
• TDS Deduction Details
• Job Term Description

What information is in Part-B

• Salary and chargeable income
• Gross Income (Salary) + Other Income
• Deduction under section 80C, 80CCC, 80CCD
• Deduction under section 80D, 80E, 80G and other
• sum of eligible deductions

The post ITR Big News : Know what happens before filing ITR, why Form-16, Part-A and Part-B is important first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

In such a situation, we are telling you the easy way through which you can fill ITR without Form 16. Form 16 is an important document for filing ITR. This shows how much your gross salary is. If for any reason your company has closed the sacks. If you have left the company without following the terms of the company, then you will not get Form 16 from the company.

In such a situation, the question arises that how to fill ITR (How To File ITR) without Form 16? There is no need to put much emphasis on the mind for this. There are just a few easy steps that you just have to follow.

Keep Salary Slip

If you do not have Form 16, then first you have to collect all your salary slips. From this you will know the gross income. Before filing ITR, it should be clearly understood that in your net taxable income, only your contribution towards PF is included in it, the contribution of PF given by the company is not. To know the taxable income, you have to deduct all types of investments and deductions from your gross income.

View tax in salary slip

Now you have salary slip. In such a situation, your next step will be to see Form 26. From this TDS calculation is seen. It contains information about TDS on your salary. Now the point to be noted here is that the amount of tax which is in your salary slip and what is appearing in Form 26AS should be same.

If the figures are not the same, then once help can be taken from the old company. So that it can be known that why different tax is showing in salary and in Form 26AS.

Claim the discount as

if you have invested somewhere, then fill it in the form. You can claim tax exemption under section 80C on investments up to Rs 1.5 lakh. Claim tax exemption on health insurance under section 80D. Apart from this, any other investment or expenditure has been made, on which tax exemption can be given.

After doing all this, taxable income will come in front of you. You calculate tax on it and fill it. If you have already paid more tax then it will come back after filing ITR. The calculation of the amount of tax to be paid will automatically be reflected in the ITR form. Keep in mind that after filling ITR, do e-verification.

The post ITR without form 16: How to File ITR return without form 16, know details first appeared on Rightsofemployees.com.