Income Tax News: For the fiscal year 2023–2024, all salaried individuals must wait a minimum of two months before filing their income tax returns (ITRs). Employers often distribute Form 16 by the middle of June, or before June 15. Form 16 must be submitted by June 15, 2024, for the fiscal year 2023–2024 (assessment year 2024–25).
Importance of Form 16
Form 16 is an essential document that is used when submitting income tax returns (ITRs), particularly for people who are salaried. At the end of each fiscal year, employers are required to give Form 16 to their staff members. This important document lists the amount of tax withheld from an employee’s salary and is subsequently filed to the government on the employee’s behalf.
Employee’s Tax Deductions
The Form 16 consists of two sections. An employee’s tax deductions are compiled by the company and forwarded to the I-T department on Form 16-A. It does not correspond to Form 16; rather, it shows the employee’s tax condition. Form 16 and Form 16-A have distinct functions. An employee’s financial information, including salary, deductions, and additional revenue, is combined into Form 16-B. With information from the company as well as the employee, it provides a thorough picture of the person’s financial status.
Deadline for Filing ITRs
Unless the government extends it, the Income Tax department has set July 31 as the deadline for filing ITRs for the current fiscal year. As a result, if a business issues Form 16 on June 15, the taxpayer has precisely 45 days to file their taxes. The I-T Department has set up a special portal for electronically filing income tax returns, and it has just released six forms, including the ITR-V (verification form) and the ITR acknowledgement form, for this year’s submission.
Availability of ITR Forms for FY 2023-24
The income tax return forms, ITR-1, ITR-2, and ITR-4, for FY 2023–24 (AY 2024–25), are now accessible for electronic filing on the I-T Department’s webpage, as of last week. Using these ITR forms, taxpayers who are qualified to file their taxes can now log on and complete their ITRs for FY 2023–2024.
The offline Excel utilities for ITR-1, ITR-2, and ITR-4 were previously made available by the Income Tax department. Additionally, the FY 2023–24 (AY 2024–25) offline JSON utilities for ITR-1, ITR–2, ITR–4, and ITR–-6 have been made available.
