Good news for salary taxpayers. Now it will be much easier for them to file income tax retrimation. Employees will issue digital form 16 to their employees. This will be a digital version of traditional form 16. If you do a government or private job, then you do not need to go to any tax experts to file returns. Let’s know about this in detail.
Tax filing process is now very easy
Experts say that towards making tax filing easier Digital Form 16 Is a big step. The government’s effort is to increase tax compliance. The government believes that if the tax filing process is made easier, then people’s interest in filing income tax returns will increase. Salarid taxpayers can use Digital Form 16 to file income tax returns of FY 2024-25.
Form 16 is generated from direct traces
Digital Form 16 is directly generated from the portal traces of the Income Tax Department. Therefore, there is no possibility of wrong information in it. It contains information about taxpayers’ salary income, tax deducted at source (TDS) and tax Didles. This is a certificate of how much income has been made to the employee during the financial year and how much TDS has been deducted. Employees deduct tax according to income in the financial year according to income.
15 June Form 16 Last date to issue
Employees typically issue Form 16 Employees by the end of May. However, its deadline is June 15. This means that it is mandatory for employees to give Form 16 issue by June 15. Employees file returns only after getting Form 16. The last date for filing income tax returns is 31 July. In this way, if the employees issue Form 16 till June 15, then the employees have enough time for returns filing.
Process to use digital form 16
Tax experts say that taxpayers will be very easy to file returns from digital form 16. First he has to visit the e-filing website of the Income Tax Department. Then you have to log in with the help of your ID and password. You have to choose the right ITR form for yourself. Then one has to select one of the new and old regimens. After this, digital form 16 will have to be uploaded. After this, many important information in the form will come on its own. Taxpayers will also not have to calculate tax. Once all the information is checked, he will have to submit the form.
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Benefits of using digital form 16
Since any data in Digital Form 16 is unlikely to be wrong, the processing of returns filed based on it will also be done soon. Not only this, the refund process will also be completed soon. This will soon make the refund money to the bank account of the taxpayers. Tax experts say that the compliance between the Digital Form 16 will increase among the salary taxpayers. Last year, more than 7 crore people filed returns. This time this number is expected to be more than this.