As the last date for filing income tax return is approaching, get your Form-16 early

The last date for filing income tax returns is ending on 31 July. Earlier companies have started sending Form 16 to their employees. However, still many companies have not sent Form 16 to employees. This form is an important document for employed people who are preparing to file their income tax returns.

This form is issued by the companies every year. It includes details like Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). As per rules Form 16 must be issued by companies on or before 15th June every year after the financial year in which TDS is deducted.

Importance of this document

This document simplifies the tax submission process by providing comprehensive information. Thus streamlining compliance efforts for employees. However, taxpayers can proceed to file ITR by obtaining details from alternative documents such as proof of investment, salary slip or Annual Information Statement (AIS) and Form 26AS. Traditionally the last date for filing ITR is 31 July every year. However, this deadline has been extended several times. Filing of ITR not only fulfills legal obligations but also enables individuals to claim refund for excess tax deducted during the financial year.

Why the delay?

Delay in issuing Form 16 can often be due to administrative challenges faced by employers or companies. Especially in large organizations that deal with large amounts of Form 16 preparations. Salaried taxpayers should maintain liaison with their employers to facilitate timely and accurate ITR filing. Apart from this, necessary documents should be collected and professional advice should be sought if necessary.

What is Form 16?

Form 16 is a TDS certificate that shows the salary and TDS deducted from your salary. It is issued by the employer before June 15 every year for income earned after the end of the financial year.