The Income Tax Department has notified all seven income tax return forms for the assessment year 2025-26. ITR Forms one and four to be filed by small and medium taxpayers were notified on April 29. ITR-7 to be filed by trusts and charitable institutions was notified on May 11.
ITR filing: Like every year, this time also the process of filing income tax returns has started. Recently, the Income Tax Department has notified all the seven income tax return forms for the assessment year 2025-26. Now the employed people have started preparing to file returns. If you are also one of those employed people who are preparing to file returns on last year’s income, then you should collect some important documents. One of these documents is Form 16.
Why is Form 16 important
Form 16 is considered one of the most important documents for employed people. This is the same form that you get from your employer i.e. company. This form contains a complete account of your annual income and the tax deducted on it. Let us tell you that Form 16 is divided into two parts – Part A and Part B.
What does it mean
Part A contains your basic profile, such as your name, address, PAN number of your office or company, etc. Apart from this, it also tells how much tax was deducted from your salary every quarter and deposited to the government. If you want, you can confirm this information from your salary slip. On the other hand, talking about Part B, it is a bit detailed. It contains information about your total salary, tax-free allowances like HRA and travel allowance and deductions made under sections 80C, 80D, etc. For example, how much you invested in things like PPF, LIC, health insurance – details of all these are available in it.
When will Form 16 be released
If we look at the pattern so far, Form 16 can be released by June 15. However, Form 16 is not mandatory or necessary for all employed people. If you do not have Form 16, then you can download Form 26AS from the Income Tax website. This form gives detailed information about TDS and TCS.
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
