Form 16 News Today

Form 16 is essential for individuals earning a salary as it gives the whole breakup of Tax Deducted at Source (TDS), providing a comprehensive overview of an employee’s earnings, including salary, allowances, and additional perks, throughout a given financial year. 

If there are any discrepancies or missing documents, you have enough time to sort them out. This proactive approach can save you from last-minute hassles and potential penalties.

Income Tax Return (ITR) filing 2024: Know all about Form 16, its parts and much more.

In most cases, ITR filed before 15 June will get a mismatch notice from the IT department due to incomplete data regarding TDS, statement of financial transactions, TCS, etc.

Even as the income tax department has enabled online ITR filing for the assessment year 2024-25 (or financial year 2023-24), taxpayers can now file their returns

As per the usual schedule, employers issue Form 16 around mid-June, i.e before June 15. For FY 2023-24 (assessment year 2024-25), Form 16 should be issued by June 15, 2024.

The online ITR forms were made available from April 1, 2024. Taxpayers eligible to file their tax returns can now login and fill their ITRs for FY 2023-24 using these ITR forms. The last date to file income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024.

Financial Literacy News: Income Tax Return Filing: The initial step for anyone filing their Income Tax Return (ITR) involves ensuring the accurate selection of the appropriate

Change income tax regime: At the start of the financial year, an individual is required to select one tax regime - old or new- for deducting of taxes on salary by employer. However, it may happen that an individual wants to switch the tax regime from what was opted in the start of the financial year. The income tax laws allow such change. Here is how to go about it.

With the start of the new year, it is important to remember important deadlines for the year. Knowing the last dates well ahead of time can help individuals to avoid penalties. Here is the income tax calendar for 2024 telling you all the important last dates between January and December 2024.