Tuesday, February 18, 2025

Income Tax for Salaried – what to do after getting Form 16

This is the month when almost all salaried professionals will get their Form 16. Income tax for salaried is largely dependent on Form 16 which shows all the earnings and deduction for the year. These details will form the basis of their income tax return ITR.

Form 16 – The crucial document for Income Tax

Form 16 is the crucial and almost the nost important document for salaried PAN card holders for filing of Income tax returns. It contains

  • Tax deducated by employee pay
  • tax ubmitted by emplyer to government on behalf of employee
  • Earnings

As per the tax experts, “Form 16 is the basis on which most people file their returns. Every salaried individual should learn how to read the Form 16 ad understand the figures.”

Explanation of two parts of Form 16

The Form 16 has two parts. Each part becomes the basis of an individual’s ITR filing.

A Part: Focuses on Tax deducted at Source information, including the deducted tax amount and challan details) used for depositing the TDS with the government by the employer

B Part: Provides a detailed breakup of your salary income, including allowances, deductions claimed, and other tax-related details

What to do after getting Form 16

To make it as simple as it can be, here is the easiest explanation of Form 16:

  • It shows how much money you have earned in a year
  • It shows how much tax government has already received by means of TDS

Once you have received the Form 16, you are advised to do the following:

  1. Thank God that your employer has given you the Form 16 in time. Just joking
  2. Review the information: Check all details, if there is any error, get it rectified.
  3. Things to look at: Your own information, Employer information, All numbers, deductions etc
  4. Compare it with your AIS
  5. Get all other papers (bank deposits, Capital gains, savings, insurance etc) in order
  6. File your Income tax return for the year
  7. Avoid common mistakes in filing ITR

Top noise cancellation headphones in 2024

boAt Rockerz
551Anc Hybrid Active Noise Cancellation Over Ear Headphones with Up to 100H Playtime, ASAP Charge, Ambient Sound Mode &Dual Eq Modes, Enx Technology(Stellar Black)
JBL Tune 760NC
Wireless Over Ear Active Noise Cancellation Headphones with Mic, Upto 50 Hours Playtime, Multi-Device Connectivity, Pure Bass, AUX & Voice Assistant Support for Mobile Phones (Black)
Sony WH-1000XM4
WH-1000XM4 Industry Leading Wireless Noise Cancellation Bluetooth Over Ear Headphones with Mic for Phone Calls, 30 Hours Battery Life, Quick Charge, AUX, Touch Control and Voice Control – Black
Top Noise cancellation headphones

Disclaimer: This is not a legal advice. Please check the official website of Income Tax department and take advice of your CA.

RELATED ARTICLES

Most Popular