Form 16 Due Date: By what date will Form-16 come? Know what is the Income Tax Rule

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The last date for filing Income Tax Return (ITR) has been extended recently. Now you can file ITR till 15th September, which was earlier required to be done by 31st July.

The last date for filing Income Tax Return (ITR) has been extended recently. Now you can file ITR till 15th September, which was earlier required to be done by 31st July. However, employed people are still not able to file income tax return, because they have not received Form-16. Now a big question here is that when will Form-16 come, what are its rules? Let’s know.

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What is the rule for issuing Form-16?

These days, employees in different companies have started getting Form-16. According to the rules of Income Tax Act, Form-16 has to be issued within 15 days after filing TDS return by the deductor. Here, let us tell you that the last date for filing TDS for the deductor is 31st May. In this way, employees will get Form-16 from all the companies between 1st June to 15th June. If even after this you do not get Form-16, then you must talk to your HR for this.

What is Form-16?

Form-16 shows how much tax is levied on you and which deductions you have got. It contains information about the salary you received, the tax levied on it, the source of your income and all kinds of deductions. The good thing is that now all the information of Form-16 is already filled in the ITR form, you just have to check it and e-verify it after filing the ITR. Meaning you can file your ITR in hardly 2-3 minutes.

Form-16 has two parts

Form 16 has two parts. One is Part A and the other is Part B. Part A contains the company’s TAN, company’s PAN, employee’s PAN, address, assessment year, period of employment. Apart from this, details of TDS deposited to the government are also given in it.

Part-B is very important

If we talk about Part B of Form-16, it contains information about tax along with salary breakup. It tells what is your gross salary, what is your net salary, how much house rent allowance you have received, how much money has gone into your PF account. Also, you get to know how much professional tax has been levied on your salary and what deductions you have got under different sections. It also contains information about your investments, what investments you have made in medical, how much money you have invested in saving plans and what other tax exemptions you have got.

Match Form-16 with Form-26AS

Form 26AS is a consolidated tax statement. It contains details of tax deductions from different sources of income of the taxpayer. Form 26AS can be downloaded from the e-filing account on the Income Tax website. Before filing the return, it is important that you reconcile the income given in your Form 26AS and Form 16.

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