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Income Tax Return: Big news for employed, Form 16 will be available till this date; What are the things to be kept in mind?

How to File ITR: Most of the salaried classes fill ITR-1 (Sahaj). This form is for those with an annual income of less than Rs 50 lakh. According to experts, the employer companies are required to issue Form-16 for the financial year 2022-23 by June 15, 2023.

Income Tax Return for AY 2023–24: If you are also employed, then this news is useful for you. The most important document to file Income Tax Return to the salaried class is Form-16. Form-16 is usually issued by the employer in June. Form-16 makes the process of tax filing much easier. However, taxpayers should be careful while using pre-filled ITR forms.

Most of the salaried class fill ITR-1

The time limit for filing ITR has already started. For this, you need Form-16 from the employer. Most of the salaried classes file ITR-1 (Sahaj). This form is for those with an annual income of less than Rs 50 lakh. According to experts, the employer companies are required to issue Form-16 for the financial year 2022-23 by June 15, 2023. But right now Form-16 has not been provided to the employees by many companies.

As a run-up to tax filing, taxpayers should also collect other income such as capital gains details, details of fixed deposit interest income, rental income and details of any investments made to claim deductions Needed. He should also calculate the final tax liability and pay the balance tax, if required, to avoid additional interest liability. Before filing tax returns, taxpayers need to verify the information provided in their Form 26AS, AIS (Annual Information Statement) and TIS (Taxpayer Information Summary).

It is necessary to give information about the return

Apart from Form-16, the tax payer is required to give information about capital gains statement, interest received on FD, rental income and returns from any other type of investment in ITR. You should pay the tax on the basis of all this in time. To avoid any kind of penalty or interest, the tax should be paid on time.

Taxpayers need to verify the information provided in Form 26AS, AIS and TIS (Taxpayer Information Summary) before filing income tax return. Taxpayer should also ensure that the details of income match with Form-16. Before filing ITR, you should also make sure that PAN number, Aadhaar number is linked or not. The deadline for linking PAN card with Aadhaar is June 30. Let us tell you that the income tax return for the financial year 2022-23 can be filed till 31 July 2023.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ informalnewz@gmail.com
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