Income tax return (ITR) submitting 2023: Key issues to test in Form 16

Salaried staff will obtain Form 16 by tomorrow, 15 June. Form 16 performs an important position in submitting an revenue tax return (ITR) because it offers an in depth description of the wage paid to the worker, deductions claimed by the worker, and the tax deducted at supply (TDS) by the employer.

Section 203 of the Income Tax Act, of1961, has made it obligatory for employers to challenge Form 16 to their staff, reflecting their complete TDS on revenue.

After you’ve gotten obtained Form 16, it is vital so that you can scrutinise the small print talked about in it totally in order to make sure that all of the exempt allowances are correctly proven. Such allowances primarily embody House Rent Allowance (HRA) and Leave Travel Assistance (LTA), mentioned tax and funding knowledgeable Balwant Jain.

ITR submitting: Everything you need to test in Form 16

1)The very first thing to test is that your PAN matches the one talked about within the kind. If the PAN is wrong, the tax deducted out of your wage will not be mirrored in Form 26AS, and you will not be capable to declare credit score for it when submitting your ITR.

2)Cross-check the accuracy of your identify, handle, and employer’s TAN (Tax Deduction and Collection Account Number)

3)It is significant to cross-check the precise tax deducted out of your wage revenue, evaluating it with the taxes mirrored in Form 16, Form 26AS, and AIS (Annual Information Statement). If you determine any discrepancies, promptly carry them to your employer’s discover and request them to rectify the data in Form 16.

4)If you opted for the previous tax regime and claimed tax-saving deductions, be sure that they’re appropriately mirrored in Form 16.

5)If you switched jobs throughout the monetary yr 2022-23, you will need to gather Form 16 from each employers.

Before submitting your ITR, it’s important to cross-check and confirm the data in Form 16 along with your wage slips, AIS(Annual Information Statement), and Form 26AS.

It is essential to cross-check all of the incomes given in AIS with the TDS certificates, curiosity revenue certificates, and Form 26AS.

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Updated: 14 Jun 2023, 02:40 PM IST

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