DelhiDesk The deadline to file Income Tax Return (ITR) for the financial year 2022-23 is July 31, 2023, and the income tax department has enabled online filing of ITRs 1 and 4. Form 16, which is a certificate of tax deducted at source issued by the employer, is commonly used by salaried individuals to file their ITR, but it is not always necessary. Form 16 consists of two parts, Part A summarizes taxes deducted and deposited by the employer as TDS, while Part B reflects details of salary income and deductions claimed by the employee to reach their taxable income. Before filing ITR, it is essential to cross-check and verify the information in Form 16 with salary slips, Annual Information Statement (AIS), and Form 26AS. It is important to pay attention to the PAN and personal details, Part A and Part B of Form 16, cross-verify tax deductions, and job changes and multiple employers. By carefully reviewing and verifying the information in Form 16, individuals can ensure the accurate filing of their ITR and avoid potential issues with the income tax department.

Follow DelhiBreakings on Google News

Here is the news bullets sorted by DelhiBreakings.com team.

👉 The deadline to file ITR for FY 2022-23 is 31st July 2023.
👉 Online filing of ITRs 1 and 4 is enabled by the income tax department.
👉 ITR-1 is filed by individuals, including salaried class and senior citizens.
👉 ITR-4 form can be used by individuals, HUFs, and firms with total incomes up to 50 lakhs.
👉 Form 16 is not always necessary for filing ITR by salaried individuals.
👉 Form 16 is the certificate of tax deducted at source issued by the employer.
👉 Part A of Form 16 summarizes taxes deducted and deposited as TDS.
👉 Part B of Form 16 reflects details of salary income and deductions claimed by the employee.
👉 Form 16 is generally issued on or before 15th June of the assessment year.
👉 Verify information in Form 16 with salary slips, AIS, and Form 26AS before filing ITR.
👉 Verify PAN and personal details, Part A, and Part B of Form 16 before filing ITR.
👉 Cross-verify tax deductions and inform the employer of any discrepancies.
👉 Collect Form 16 from multiple employers if job changes occurred during the financial year.
👉 Keep details of capital gains statements, interest income, rental income, and deductions handy before receiving Form 16.

For superfast news and Delhi Breaking Stories visti us daily at https://delhibreakings.com

📰 Latest News For You. 👇

Something went wrong. Please refresh the page and/or try again.