The deadline to file income tax returns (ITR) for the 2023-24 financial year is July 31, 2024. To avoid last-minute stress, start preparing now.
What is Form 16 and Why is it Important?
For salaried individuals, Form 16 is crucial for ITR filing. It details your salary income, allowances, perks, and Tax Deducted at Source (TDS) throughout the year. Employers are required to issue Form 16 by June 15, 2024, if they deducted TDS between April 2023 and March 2024.
Benefits of Having Form 16 Ready
- Simplified ITR Filing: Form 16 pre-fills details in your ITR form, saving time and reducing errors.
- Proof of Income: It serves as official proof of your income to the government.
- Loan Applications: Banks and financial institutions often ask for Form 16 to assess your loan eligibility.
