FY 2024-25 Filing of ITR has started. This time the last date for filing ITR is 31st July 2024. However, this time the employed people have not been able to start filing returns yet. This is because they have not received Form 16 from the companies. Form 16 is a TDS certificate that employers issue to their employees. It shows the details of salary income paid, the tax regime chosen by the employee for TDS on salary, the total tax deducted and deposited against salary income during the financial year and the income tax exemption claimed by the employee.
When can I expect to receive Form 16?
Last date for issuing Form 16 As per the Income Tax Act, the TDS certificate must be issued within 15 days from the last date for filing TDS returns by the deductor. The last date for filing TDS returns for the fourth (last) quarter of the financial year is May 31. Since the TDS certificate to be issued by the employer is for the entire financial year, it can be issued only after filing of TDS returns for the last quarter (Q4) of the financial year. Therefore, companies must issue Form 16 to their employees within 15 days of May 31, i.e. by June 15. The employer/company can issue Form 16 to its employees even before June 15, but will do so only if it has filed its TDS returns for the fourth quarter of the previous financial year.
Form 16 has two parts
Form 16 has two parts- Part A and Part B. Employees must ensure that they receive both parts of Form 16. Both parts must have the TRACES logo to ensure their authenticity as the law requires the issuer to download them from the TRACES portal after filing the TDS return.
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