For salaried taxpayers, one crucial document is Form 16, which facilitates quicker and hassle-free filing of their income tax returns (ITRs). Companies issue to their employees Form 16, which serves as an evidence that TDS (tax deducted at source) is deducted from your salary and deposited with the Income Tax Department.
Income tax return filing 2024: The deadline to file income tax returns for the financial year 2023-24 (Assessment Year 2024-25) is July 31, 2024. Although there is still ample time for you to complete tax return filing process, it is advisable not to delay until the last day by thinking that you have enough time. Instead, filing tax returns in a timely manner ensures a smoother processing.
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For salaried taxpayers, one crucial document is Form 16, which facilitates quicker and hassle-free filing of their income tax returns (ITRs). Companies issue to their employees Form 16, which serves as an evidence that TDS (tax deducted at source) is deducted from their salaries and deposited with the Income Tax Department.
When do companies issue Form 16 to employees every year?
Typically, employers issue Form 16 to their employees by June 15 every year so that latter have enough time to file tax returns, for which the usual deadline every year is July 31. If you have not received your Form 16 yet, it is advisable that you wait for some time and can also get a clarity from your HR department of your company on the same. Form 16 simplifies and saves time in the tax filing process. The question that may arise in the minds of taxpayers is: What should they do if their employers further delay the issuance of Form 16?
Read More: Income Tax Return: Why should you wait till June 15 to file your ITR for FY24?
Can you file ITR without Form 16?
While Form 16 gives you a comprehensive account of all your incomes under the salary head and tax deductions, you can still file income tax return by using other documents and resources. You can collect relevant documents like salary slips, bank statements, rent receipts, interest certificates, etc. Further, you need to have details of other income sources, deductions, and exemptions for filing income tax return. In the absence of Form 16, Form 26AS, AIS, and TIS can be downloaded by taxpayers for the tax return filing purpose.
Read More: ITR filing 2024-25: Understanding Form 16, issue date, and importance
Form 26AS/ Annual Information Statement (AIS)/ Tax Information Statement (TIS)
Form 26AS can be downloaded from e-filing portal of the Income Tax Department. It has consolidated tax payment information, containing details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year by the individual. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances etc.
Further, TIS summaries the tax information available with the tax department pertaining to a particular individual and thereby includes details of the taxpayer’s tax returns filed, taxes paid, refunds received, and other relevant information.
