25.1 C
New Delhi
Friday, March 29, 2024
HomeFinanceStep-by-step guide to file Income Tax Return using Form 16/ 16A: ITR...

Step-by-step guide to file Income Tax Return using Form 16/ 16A: ITR 2023

Form 16 is delivered yearly for the previous monetary year, for the most part before the finish of May which runs from April first to Spring 31st.

Form 16/16A—the record of your company’s tax deduction from your salary—is the declaration of tax deduction at source that is given by the employer on behalf of the employees. Form 16 for the previous fiscal year, which began on April 1 and ends on March 31, is typically made available by the end of May each year.

Form 16 is essentially a certificate that is given to employees by employers. It confirms that the employee’s TDS has been deducted and deposited with the government on their behalf. Salary slips must be distributed to employees by every business. Form 16 contains each significant detail which is valuable in documenting a personal assessment form.


Under the Income Tax Forms section, visit the Income Tax Department’s official website at incometaxindia.gov.in/Pages/default.aspx to download Form 16.

Guide on how to use Form 16 to file your income tax:

  1. Gather all of your financial records, including your bank statements, Form 16, PAN card, and Aadhaar card. When you are completing your taxes, be sure to note any and all deductions you are eligible for, such as those under section 80C, 80D, and so on. Make a record by enlisting on the Personal Assessment e-documenting gateway. If you already have an account, sign in.
  2. To begin the procedure, go to the e-File section and select “Income Tax Return.” Choose the appropriate Income Tax Return (ITR) form based on your income and other factors. If you have Form 16, you can use either ITR-1 or ITR-2.
  3. Enter specifics like personal information, information about your income, deductions, and tax payments.

Form 16 contains everything expected to file your income tax return, including

· Allowances excluded under Area 10,

· Breakup of allowances under Segment 16,

· Available compensation,

· Pay (or permissible misfortune) from house property revealed by a representative and presented for TDS,

· Pay under the head ‘Other Sources’ presented for TDS,

· Area 80C allowances separate

  1. Submit the form after checking all of the information you’ve provided.
  2. E-verify your return using one of the available methods, such as an OTP from your Aadhar, after it has been submitted.

The online approach is straightforward and quick.

Source

- Advertisment -

YOU MAY ALSO LIKE..

Our Archieves