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.
Provident fund is already deducted by most of the employers on which tax won’t be deducted in case you come under the income tax slabs. However understanding the EPF can help you to reduce tax liabilities and save more taxes.
Many changes were announced in the Budget 2023 as well as during the year in 2023 by the Central Board of Direct Taxes (CBDT). These changes not only impacted your 2023 but will also impact your 2024 especially at the time of filing income tax return. Read on to know more about it.