Form 16: The form 16 you got till last year, its base is the same this time also. But the Union Budget of July 2024 has made changes in the Income Tax Return (ITR) form. But now it will be necessary to provide proof for deduction.
Income tax return: If you are also a salaried class then this is useful for you. Yes, this time crores of employed people can get Form-16 till June 15, 2025. This year some changes have been made regarding Form-16, which will affect your tax return filing. It is important for you to know about these changes. The basic structure of Form 16 that you used to get till last year is the same. But the Union Budget of July 2024 has made changes in the Income Tax Return (ITR) form. Now it is necessary to provide evidence for deduction.
Sandeep Sehgal, Partner-Tax, Akeem Global, said that ‘The format of Form-16 is almost the same. But those who choose the old tax regime will be required to keep evidence related to deduction and exemption.’ New forms have been notified by the Income Tax Department. This time the last date for filing returns has been extended to September 15, 2025.
It is important to keep proof
Taxpayers will have to keep documents for deduction such as proof related to investment under section 80C, ELSS, PPF, LIC etc. Apart from this, rent receipt is also necessary for HRA. If you take advantage of the exemption on home loan interest, then its certificate is also necessary. Experts have warned that if there is no proof, the deduction may be canceled. Keep a digital or physical copy safely, otherwise you may face penalty or rejection during investigation.
Why is Form 16 important?
Form-16 is an important TDS certificate, which is given by the employer. It has two parts. The first is Part A, under which there is information about the employer and employee’s PAN, TAN and tax deducted. Apart from this, salary breakup, exempted allowances and deductions are shown in Part B. If you change jobs during the middle of the financial year, you will get a separate Part A from each employer. If Form-16 is lost, you can ask for a duplicate copy of it from your employer.
Difficulty without Form 16
Without Form 16, it can be difficult for you to file the correct tax return. If the details of TDS and salary are not tracked manually, then mistakes can occur. Therefore, keep Form 16 safe and file the return on time.
DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
