The Ultimate Guide to Income Tax Return Filing FY 2023-24
It’s that time of year again! By now, most salaried employees should have received their Form 16, the all-important TDS certificate, from their employers. According to income tax regulations, employers are required to provide Form 16 to their employees by June 15. This document plays a crucial role in helping salaried individuals file their Income Tax Returns (ITR) accurately and efficiently.
Form 16 serves as a comprehensive record of an employee’s total salary income earned during the previous financial year, as well as the total tax deducted from their salary. The information contained in this TDS certificate is essential for a smooth and error-free ITR filing process, making it imperative to ensure its accuracy.
The income tax department now offers pre-filled ITR forms on their e-filing website, making it easier for individuals to cross-check information with Form 16.
Key Details to Look Out for on Form 16
For Form 16 to be authentic, it must bear the TRACES logo on both Part A and Part B. Salaried individuals should ensure they have received both parts of the document for completeness.
Additionally, the Form 16 received should be digitally signed, and the digital signature must be validated by the recipient. A validated digital signature will display a check mark, indicating its authenticity.
Part A of Form 16 focuses on the tax deducted at source (TDS) from an employee’s salary income and deposited against their PAN between April 1, 2023, and March 31, 2024. It contains important details such as the quarterly breakdown of TDS deposited with the government.
On the other hand, Part B of Form 16 provides a detailed overview of the salary paid to the employee during the previous financial year. It includes a breakdown of various components of the salary, allowances, the tax regime selected for TDS on salary, and deductions claimed based on the chosen tax regime.
According to experts, it is crucial for salaried individuals to follow these three essential tasks after receiving Form 16:
- Verify all details mentioned in Form 16, including personal information, employer details, salary breakdown, tax regime selected, claimed deductions, and TDS information.
- Compare Form 16 with Form 26AS and Annual Information Statement (AIS) to ensure consistency in TDS information for accurate ITR filing.
- If there are discrepancies, resolve them by contacting the employer’s HR or finance department for necessary corrections. Updated Form 16 should be provided after rectifying any errors.
With the deadline for filing income tax returns for FY 2023-24 approaching, it’s essential to address any discrepancies promptly. For individuals who have changed jobs during the financial year, obtaining Form 16 from all employers is crucial for a comprehensive and accurate ITR filing process.
After reviewing and verifying the information in Form 16, individuals should gather other essential documents like bank statements, interest certificates, and capital gains statements to facilitate a smooth ITR filing process.
Ensure a hassle-free and error-free income tax return filing process by following these essential steps outlined in Form 16 for FY 2023-24.
