Income Tax Return: What is Form 16? Top things taxpayers should check before filing ITR in this document
Income Tax Return (ITR) filing FY 2024-25: FY can be a difficult task for many people to file ITR. Salary taxpayers are often confused about documents they require e-phile ITRs. One such important document is Form 16.One of the most important documents for income tax returns, Form 16 is usually issued by the employer. We take a look at the importance of Form 16 for ITR filing purposes:
What is Form 16? Explained
Typically, Form 16 is a certificate issued by the employer for tax on the source (TDS) on the salary paid to them during the relevant financial year.“It is issued every year after the end of the financial year by the employer,” says Surabhi Marwa, the tax partner of IY India, before or before 15 June of the following financial year. “Also read ITR filing: What is the original exemption limit for FY 2024-25 and under what circumstances do you still need to file tax returns?It can also be issued by specified banks in relation to senior citizens above 75 years of age on TDS on pension and interest income earned from the same bank.Form 16 includes two parts – Part A and Part B:
- Part A has the name and address of the employer and employee, the permanent account number (PAN) of the employer and the employee, the tax deduction of the employer and the collection account number (TAN), the year/ duration, for which it is issued, the summary of salaries and taxes and taxes have been repaid and taxes.
- Part B has a details of income earned income- salary/ pension, other income (eg house property and interest), salary exemption, standard deduction, deduction under chapter VI-A, tax payable etc.
According to Surabhi Marwah, in addition, 12BA and the total TDs deposited with details of Anulabh (such as housing, gifts, and ESOP) are also issued with 16.“On receiving Form 16, employees should be deducted and deposited with their personal information, employer details, salary, exemption (eg HRA and LTA), deduction (such as 80C and 80D) -taxes should be deducted and deposited and also that the total amount and the total amount reported in B match.”Usually the last date for filing ITR is 31 July, but this year the Income Tax Department has extended it to September 15, 2025. Before you sit to file your ITR, make sure you have checked your Form 16 well.Also read ITR E-Filing Ay 2025-25: What is the annual information details (AIS) and how is this form different from 26AS? Top point for taxpayers
