Itr filing fy 2024-25: The last date to file your income tax return (ITR) for Ay 2025-26 is approaching. This year the income tax department has extended the itr filing deadline to September 15, 2025. Before you sit down to file your itr, salaried taxpayers should have their form 16 handy. The form 16 has details of annual taxable salary income along with the personal income (if declared separately by you to your employer) and taxes deducted on all success. Itsists of two parts:
- Part a discloses the salary paid/credited and corresponding taxes deduted and deposited.
- Part B Shows the Breakup of Said Salary Paid/Credited Into Allowances, Perquisites, Examptions, Deductions, Rebates, Rebats and Taxes Thereon.
The form 16 is generated online through traces (TDS Reconciliation Analysis and Correction Enabling System) Portal, Basis The Processing of Quarterly withhilding Tax Returns Filed (Form 24q 24Q) by the Empiliter.Also read | ITR Filing fy 2024-25: New Versus old income tax regime – What helps you save more tax? Check Calculations Before Filing Return
How to Download Form 16 From traces website?
Chander Talreja, Partner, Vialto Partners Explains the simple steps to be followed to download form 16:Step 1: Log in to the traces website at https://www.tdscpc.gov.in/. With the registered user id, password and tanStep 2: In the ‘downloads’ tab, select ‘form 16’ where you will have option to download for one pan or bulk pan for the financial yearStep 3: Validate the autorized person details and enter the provisional receipt number Tax deducted for 3 Unique EmployeesStep 4: Once the download request is submitted, the form 16 will be available within 24-48 hours. Step 5: The file is downloadable in .txt format which needs to be converted into a pdf file via the traces pdf converter utility and signed digitally/manually by the authorized signatoryAlso read | ITR Filing fy 2024-25: Why Filing Income Tax Return is important even if you have no tax to pay – explained
Form 16 for ITR Filing: Points to Remember
- It is mandatory for all the employers to issue a form 16, on or before June 15 following the end of the financial year. Else, a penalty of Rs 500/- per day will be levied, Says Chander Talreja.
- In case of any perquisites provided, an additional form 12ba in prescribed format (Detailing the breakup of Each Perquisite) is manually required to be it is the emploier along.
- The Income Tax Return Form Seeks Detailed Information of Salary Components, Examption Availed etc. And automatically pre-populates the salary income. It is imperative that employees provide all the requested details based on the breakup provided in part b of Form 16 and Carefully check the pre-populated details.
- Where an employee works with 2 or more employers during the financial year, details of Separate Form 16s Issured by Each Each Employer will be required to be increased in the itr.
- The form 16 services as a proof of income and is requested for second loans etc. One should match the form 16 with the details appearing in the form 26as/annual information statement and get details corrected, in case of any discrepancy, says chander talreja.
