• Notification Date: 17-05-2024
• Notification No: N/A

Income Tax Return (ITR) filing 2024: About Form 16, Issue Date and Importance

Form 16 is a crucial document that is essential when one is filing the income tax return (ITR) of a particular financial year. The document is essential for individuals earning a salary as it gives the whole breakup of Tax Deducted at Source (TDS), providing a comprehensive overview of an employee’s earnings, including salary, allowances, and additional perks, throughout a given financial year.  

If an individual is earning more than Rs 2.5 lakhs per annum, his or her employer should be issuing Form 16.  

As per the usual schedule, employers issue Form 16 around mid-June, i.e before June 15. For FY 2023-24 (assessment year 2024-25), Form 16 should be issued by June 15, 2024.  

The usual deadline set by the Income Tax department to file ITRs of the given financial year is July 31, unless the ruling government extends it this year. Therefore, if a company issues the Form 16 on June 15, the taxpayer exactly has 45 days to file his or her tax returns.  

Form 16: 

Form 16 is divided into two distinct sections. Part A of Form 16 provides a summary of the tax deductions undertaken by the employer on behalf of the employee, which are then reported to the Income Tax Department. It is essential to note that while this part reflects the tax deducted at source (TDS), it should not be confused with Form 16 in its entirety.