Form 16/16A issue date FY 2022-2023 (AY 2023-24): Salaried taxpayers usually file their Income Tax Returns (ITRs) based on Form 16 received from their employers. Form 16/16A is the certificate of tax deduction at source (TDS) on the deduction of tax by the employer on behalf of their employees.
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Form 16 is generally issued by employers in the first half of June as the last date for TDS filing for the quarter ending March 31 is 31st May and employers are required to issue Form 16 within 15 days from such return filing.
Thus, salaried individuals will be able to download their Form 16/16A by June 15 and file their returns accordingly for AY 2023-23 (FY 2022-23).
“Form 16 is generally issued by the employers in the first half of June as the last day for TDS filing for the quarter ending March is 31st May and Form 16 is to be issued within 15 days from such return filing,” says Dr Suresh Surana, Founder, RSM India.
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When should you file ITR this year?
Tax experts say that salaried individuals should file their tax returns as soon as they receive Form 16 from their employers. The last date for filing ITR for AY 2023-24 is July 31, 2023. Salaried taxpayers may be able to start income tax return filing from June 15 onwards.
“The tax authority released income tax return Forms for FY 2022–23 on 10 February 2023. As the Forms were notified well in advance, there was sufficient time for taxpayers to be prepared with all necessary documents needed for disclosures and reporting requirements. Taxpayers would be able to file the tax return once the online utility Forms are released. Salaried taxpayers need to obtain Form 16 from their employers. For the financial year 2022-23, employers are required to issue Form 16 by 15 June 2023. Salaried taxpayers should file their tax returns after receiving Form 16 from their employers,” says Vijay Bharech of Deloitte Haskin Sells and LLP.
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What to do before getting Form 16
Before receiving Form 16, employees should also collate details of other income such as capital gains statements from brokerages, details of interest income of fixed deposits, rental income and any investment made for claiming deductions, says Bharech.
Employees should also compute the final tax liability and pay the remaining tax if required, at the earliest to avoid additional interest liability.
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“While filing tax returns, taxpayers need to verify the details reported in their AIS (Annual Information Statement) and TIS (Taxpayer Information Summary). Taxpayers must also ensure that income details match these statements. To avoid last-minute surprises, taxpayers should keep details of all income so that in case of a mismatch, they may approach the payer for any correction, if needed. Finally, taxpayers need to check whether their Permanent Account Numbers (PAN) and Aadhaar numbers have been linked; if not they need to link both as the deadline for linking PAN card with the Aadhaar has been extended to 30 June 2023,” says Bharech.
