Form 16: The new financial year has started from 1 April. With this, the season of filing income tax return (ITR) has also started. The central government has released ITR forms (ITR-1 to ITR-7) for Assessment Year 2025-26. Now millions of salary taxpayers are waiting for the Form 16 soon for e-filing.
If you are employed and preparing to fill ITR on last year’s earnings, then you must have an important document. It is the required Document Form 16. This is the same form that gives you your company and in which your year -long salary and the tax deducted on it are complete.
What is Form 16?
Form 16 occurs in two parts – Part A and Part B
Part A has your name, address, pan, your company’s TAN number and how much tax was deducted in every quarter and the government was deposited.
Part B contains information about investment made under tax exemption like your full year salary, tax free allowances (eg HRA, Travel), and Section 80C, 80D, such as PPF, LIC, medical insurance etc.
What has changed this year in Form 16?
The government has made Form 16 more clean and useful. Now this form will tell which part of your salary is tax free, which allowances do not tax and which tax is deducted. The advantage of this will be that when you fill ITR, you will be easy to understand your income and tax details. This will reduce the chances of mistakes and the return filing will be faster and easy.
When will the Form 16 get?
According to Income Tax Rules 31 (3), companies have to give Form 16 every year to their employees by June 15. That is, this year also you should get this form by 15 June 2025. However, Form 16 is not necessary to fill the ITR, but it gives your income, cut tax and exemption information in one place, making it easier to fill ITR. Most employed people fill ITR only when they get Form 16. But keep all the documents necessary to file the return and do not wait for the last date.