Since employers issue Form 16 at this time, salaried workers will have to wait until the middle of June to file their income tax returns (ITR) for the fiscal years 2022 and 2023. Every year, on or before June 15, immediately following the fiscal year in which the tax is deducted, employers are required to issue Form 16. The Income Tax Department’s e-filing portal currently does not offer salaried taxpayers the option to file an ITR for AY23-24.
An employer’s certificate known as Form 16 contains the information required to submit an income tax return (ITR). The TDS/TCS information for various deductor-deductee transactions is provided by these certificates.
According to ClearTax, an income tax e-filing website, Part A of Form 16 includes components such as the employer’s name and address, TAN and PAN, employee’s PAN, and summary of tax deducted and deposited quarterly, which is certified by the employer.
A comprehensive breakdown of salary, exemptions granted by section 10, and deductions permitted by the Income Tax Act (in chapter VIA) are all included in Part B.
A duplicate Form 16 can be requested from an employee in the event that the original is lost. According to ClearTax, each employer issues a separate Part A of Form 16 for the duration of employment when a worker changes jobs within a single fiscal year.
Unless extended by the government, taxpayers are typically required to file ITR by July 31 of each year.
The annual ITR filing is regarded as the responsibility of every responsible citizen of the nation. By submitting an ITR for the relevant fiscal year, a person is eligible to receive a refund for any excess tax paid or deducted.
An independent portal for electronically filing income tax returns has been established by the I-T department. In addition to the ITR-V (verification form) and the ITR acknowledgement form, the Income Tax Department has recently issued six forms for this year’s ITR filing.
Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, and Form ITR-6 are the filing forms. ITR 1, also known as Sahaj, is available to residents with a total income of up to Rs 50 lakh from salaries, a single-family home, and other sources (interest, etc.). and income from agriculture up to Rs 5,000.
In a similar vein, there is ITR-4 for the presumptive method of taxation, such as for freelancers, and ITR-3 for income from business or profession.
It is always preferable to submit an ITR as quickly as possible. Hanging tight for the last moment can prompt blunders in documenting because of difficulties tossed by the e-recording, specialists propose. To ensure that the information is accurate when filing an ITR, it takes time, care, and attention.
