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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