Salaried employees will have to wait over two months before they can file their income tax returns (ITR) for the financial year 2023-24 (AY 2023-24). They need to wait till the Form 16 issue date to file their returns for AY 2024-25.

The form 16 issue date expected every year June 15. If your employer deducted TDS between April 2023 and March 2024, you should receive Form 16 by June 15, 2024. In case you misplace your Form 16, you have the option to request a duplicate copy from your employer. Typically, employers distribute Form 16 around mid-June, specifically before June 15.

Form 16 is really important when it comes to filing your income-tax returns (ITR), especially if you’re a salaried worker. Your employer is responsible for giving you Form 16 at the end of each financial year. This document is crucial because it reveals the amount of tax your paycheck withheld and forwarded to the government on your behalf.

Significance of Form 16

Form 16 holds significant importance due to several reasons:

• It acts as evidence confirming that the tax deducted by your employer has been remitted to the government.
• It aids in the seamless filing of your income tax return with the Income Tax Department.
• It serves as documentation for your salary income.
• Many banks and financial institutions require Form 16 to authenticate an individual’s credentials when applying for loans.

Every employed individual can procure Form 16 from their employer on or before the 15th of June of the subsequent year, immediately following the financial year in which the tax deduction occurred. Should an employer delay or fail to furnish Form 16 by the specified date, they are subject to a penalty of Rs. 100 per day until compliance is met.

Also Read: Income Tax Return Last Date 2024: ITR Filing Due Date – All details

How to file ITR

Taxpayers have the option to submit their income tax returns (ITR) either entirely online or through a combination of online and offline methods. The latter involves utilizing the JSON and Excel tools.

When opting for the online route, taxpayers can access the e-filing income tax portal and log into their accounts. The ‘File income tax return‘ section actively populates much of the taxpayer’s information from their Annual Information Statement (AIS) and Form 26AS. Taxpayers themselves can then actively cross-verify any remaining details with personal documents such as Form 16, Form 16A, other TDS certificates, interest certificates, and salary slips.

For those choosing to file offline, they can download the JSON and Excel utilities from the e-filing income tax portal. These offline tools also offer the convenience of pre-filled data from the taxpayer’s e-filing income tax account. After filling in the necessary information using these offline utilities, taxpayers must then upload the completed forms onto the e-filing website.

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