Income Tax Return: Know All About Filing ITR and Form-16
It’s time to file your Income Tax Return (ITR) for the financial year 2022-23. Salaried employees and individual taxpayers usually file their ITR in the month of July. The last date for filing ITR for the assessment year 2023-24 is July 31, 2023. However, it’s always advisable to file your ITR before the last date. Here’s what you need to know about ITR and Form-16.
What is Form-16?
Form-16 is an important document for salaried employees. It contains information about your annual income, tax deducted, and how much tax was saved. It also includes Tax Deducted at Source (TDS) applicable for the financial year.
Can you file ITR without Form-16?
Yes, taxpayers falling under ITR Form-1 and ITR Form-4 can file ITR without Form-16. The Income Tax Department has issued pre-filled ITR-1 and ITR-4 forms for the assessment year 2023-24, which can be filled online.
Who files Form-1?
Citizens whose annual income is up to Rs 50 lakh can file Form-1, including salary, pension, or any other sources of income. Agricultural income up to Rs 5,000 is also covered. However, if you are a director of a company or have invested in an unlisted company, have income from more than one property, or income from business, you cannot file Form-1.
Who files Form-2?
If your income is more than Rs 50 lakh, you can file Form-2. It requires you to disclose more than one residential property, income from investments, income from dividends of more than Rs 10 lakh, and income from agriculture more than Rs 5000. If you have income from PF in the form of interest, you must also file this form.
It’s important to file your ITR before the due date to avoid penalties and interest. Stay updated with the latest ITR updates to ensure a smooth filing process.
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