The income tax return filing season is going on in the country and its deadline is July 31. If any individual does not file his income tax return by July 31, then he can pay a fine later. For the financial year 21-22, ITR has to be filed by 31 July 2022. Now one document plays a very important role in filing income tax return and that is Form-16. This document is very important and few people are not aware of it. If you also do not know about the features of Form-16, then this article is for you.
Why Form-16 is necessary?
Form-16 is a very important document while filing income tax return. Form-16 is issued on behalf of your company. In this Form-16, apart from the salary taken through you, deduction, tax deducted, allowance, there are many other information, which comes in handy when you are filing income tax return.
Form-16 has two parts
With the help of this form, you can reconcile your income tax related data. If the data being filed in the Income Tax Return and the data filed in Form-16 are different, then you may face problems later on. Form-16 consists of two parts. One part is Part-A and the other is Part-B.
What information is in Part-A
Employee name and address
Name and address of employer
Employer’s PAN number and TAN number
Employee’s PAN Number
TDS Deduction Details
Job Term Description
What information is in Part-B
Salary and chargeable income
Gross Income (Salary) + Other Income
Deduction under section 80C, 80CCC, 80CCD
Deduction under section 80D, 80E, 80G and other
sum of eligible deductions