Filing ITR is a necessary financial responsibility that individuals should fulfill to stay compliant with the law, establish financial credibility, and avoid penalties and interest.
Form 16 is an important document for salaried employees in India because it serves as a proof of income earned and tax deducted at source (TDS) during the financial year.
Form 16 is issued by the employer to their employees usually on or before 15th June of the following financial year.
And it contains details such as the employee’s name and PAN, employer’s name and PAN, income earned, tax deducted, and other relevant details.
Form 16 is also essential for filing ITR as it contains all the necessary details required to calculate the taxable income and the amount of tax payable.
Without Form 16, it may be difficult for salaried employees to file their ITRs accurately and efficiently, which can result in penalties or legal issues.
Individuals who do not have Form 16 may obtain tax from Form 26AS.
Form 26AS is a consolidated tax statement that contains details of all the taxes that are deposited with the government on behalf of a taxpayer.
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