If you're a salaried employee, Form Sixteen is one record you will need to keep an eye out for all through tax season. It acts as a certificate out of your company, detailing how much revenue you earned and what kind of tax turned into deductions over the monetary 12 months.
Many personnel wait for it before submitting their income tax returns (ITR), and rightly so, because it simplifies the technique.
So, when will shape 16 for the economic year 2024-25 be issued?
As in step with income tax policies, employers are required to record their e-TDS returns for the closing zone (January to March) by using May 31 additionally. After this, they get 15 days to form trouble sixteen. This indicates you may count on getting hold of it via june 15, 2025, in the modern day.
As per an india Today report, CA (Dr.) suresh Surana said, "Salaried employees can assume to acquire Form 16 for the economic 12 months of 2024-25 on or earlier than june 15, 2025, in accordance with Rule 31(1)(a) of the profits-tax policies, 1962. Employers are mandated to trouble form 16 after submitting the TDS return in form 24Q for the fourth area, which is due by means of May 31, 2025."
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on the role of shape 16 at the same time as filing ITR, CA Surana stated, "Shape sixteen is a certificate of tax deducted at supply (TDS) on revenue and serves as a key file for submitting earnings tax returns. It affords an in-depth summary of income paid and TDS deducted, allowing personnel to correctly file their earnings tax go-back (ITR) for evaluation for 12 months, 2025-26, the extended due date for which is 15 september 2025 (round No. 6 of 2025, dated 27 May 2025)".
In case your organization has deducted TDS (Tax Deducted at Supply) out of your income, they are required to issue you Form 16. This report is your evidence of profits and taxes paid. It's far more important for accurate and timely ITR filing.
But there may be an exception. Under the tax regulations for FY 2024-25, if your profits are under Rs 7 lakh under the brand-new regime or below Rs 5 lakh under the vintage regime, you won't owe any tax. In such instances, if no TDS was deducted, your employer might not have difficulty forming sixteen..jpg)
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