The Income Tax Department has issued offline Form 1 and Form 4 for taxpayers to file tax returns in the last week of April. So that the income tax payers can file their ITR on time.
Now Tata Consultancy Services ( TCS ) has also issued Form-16 for its employees ahead of time. With this, TCS employees can file ITR ahead of time and will be free from the hassle of paying late fees.
According to the new tax regime, the deadline for filing income tax returns for the taxpayers for the financial year 2022-23 has been fixed as 31 July 2023. For this, the Income Tax Department has issued offline forms for Income Tax Return Form ITR-1 and ITR-4. Salaried taxpayers need Form-16 to file ITR to avail tax deduction.
According to the Income Tax Department, Form 16 contains the complete record of salary and tax paid by salaried taxpayers. It acts as an essential proof whether you have paid tax to the government or not. While filing income tax return, salaried taxpayers have to submit Form 16 as a strong proof of their income and tax paid.
Lakshminarayanan GS, deputy chief finance officer of Tata Consultancy Services (TCS), told that the company has made Form 16 available to its more than 6,00,000 employees. It usually continues till June. Salaried taxpayers can obtain Form 16 from their employer immediately following the financial year in which tax is deducted.
If an employer delays or fails to issue Form 16 by the specified date, 16th June, then he has to pay a penalty. he internal payroll team of TCS started the process for Form 16 in early September 2022 itself. Ashwini Kennedy, Head of Global Employee Services, Corporate Finance, TCS, said that we actually have more than 6,00,000 associates spread across more than 50 countries.
We process over 1 million payslips annually. He said that the main purpose of issuing Form 16 ahead of time is to provide a bigger window to the employees to file their tax returns.