- With the extension of the last date of release of Form 16, there are speculations
- The date of submission of Employer’s Form 24Q has been extended to 30 June
new Delhi. The Income Tax Department has extended the last date of issuance of Form-16 (Form 16) of employers for the financial year 2018-19. Now the last date for this has been increased by 25 days to 10 July. At the same time, the date of filing the details of Tax Deduction Detail at Source through the form 24Q of employers for the financial year 2018-19 has also been changed to 30 June. After the decision of the Central Board of Direct Taxes, it is expected that the date of filing the Income Tax Return file can also be extended from 31 July. According to the rules, the last date to file income tax return for the financial year 2018-19 is 31 July. Now, by extending the date of Form 16 to July 10, tax payers may face trouble.
Taxpayers will have trouble
if a businessman issues form – 16 July 10 on behalf of the company, then will have to file income tax return by 31 July. In such a situation, taxpayers will have only 21 days to file a return. Due to such a short time, thousands of people will be lost from filing returns. In such a situation, speculations are being made that the date of filing returns can also be extended from July 31. Earlier in early May, there were significant changes in Form 24Q. Under this, the company will be informed about the TDS accrued in Part B of Form 16. 24Q is the quarterly statement of tax deducted on salary.
What is Form-16 The
IT Act mentions many forms, which are used in many works. Form 16 is also one of these forms. This form is very important for the employee. The institute employing this form issues it. Through this form, the employer gets a lot of help in filing returns. It is also used as a proof of income.