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.

If you are a salaried employee and are about to retire, you can get Rs 7,200 as pension every month after retirement. Now you must be thinking that after retirement, how will you get a pension of Rs 7,200 every month and how to calculate it, then let us tell you that both public and private sector employees are considered eligible for post-retirement pension. That’s why employees get pension after retirement .

Employees’ Provident Fund (EPF) was created when the Parliament approved the EPF Act. The funds contributed to the Employer and Employee Permanent Account are managed by the EFPO. This is known by a unique account number (UAN number), as per the law. Using the EPF calculator, salaried employees can calculate their savings with accuracy.

Employees are required by law to contribute 12% of their basic monthly salary plus EPF. The employer is then compelled to contribute in like manner. Money is deposited by both the employee and the employer in the Permanent Account identified by UAN or Unique Account Number. EFPO oversees all the employees of India and fully monitors their PF account. With the help of EPF calculator, you can calculate your savings correctly.

Calculate your savings like this

First enter your basic salary and your age.

Then the employer’s contribution (EPS+EPF), total interest received, and total maturity amount will be shown.

How does the EPF calculator work?

Every employee of India contributes 12 per cent of his basic salary and dearness allowance to the EPF account every month. For example the employee’s contribution will be 12% of Rs.60,000 i.e. Rs.7,200. That is, after retirement, you will continue to get Rs 7200 as pension throughout your life.

The post EPFO Pension: How to get a pension of Rs 7,200 every month after retirement, calculate like this first appeared on Rightsofemployees.com.