Mastering Form 16: A Comprehensive Guide for Income Tax Return Filing

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The deadline for filing Income Tax Returns (ITR) is approaching, and employees need to focus on this task

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Employers wait for Form 16 to be issued, which contains details like salary income, tax deductions, and exemptions

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This form is crucial for filing ITR without any hassles and should be handed over to employees by June 15

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The first part of Form 16 contains information about the taxpayer, including details of the service period and tax deductions

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The second part of Form 16 includes the tax assessment details conducted by the employer

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After receiving Form 16, employees should carefully check details like PAN, tax deduction information, and personal details

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The TDS details in Form 16 should match with the information available in Form 26AS

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If any mistakes are found in Form 16, employees should immediately contact the company owners to rectify them

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If employees change jobs during a financial year, they will have two Form 16s and need to inform the new employer about income details from the previous company

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6 precautions while taking loan from apps

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