For FY 2024-25, Most salaried employees may receive their Form 16 by June 15,2025. There are some critical updates that will affect how one uses it for filing tax return. The basic structure of the form remains unchanged.
From the July 2024 Union Budget, the changed have been stemmed. Adding stricter requirements around proof of deductions, it revised income tax return (ITR) forms.
"Form 16 will largely follow the same format," said Sandeep Sehgal, Partner-Tax, AKM Global. Talking about the old tax regime, he added that salaried taxpayers must keep supporting proofs for deductions and exemptions.
September 15 is the extended deadline for the return filing. The Income Tax Department has notified the updated forms. Deductions could be disallowed if one misses to document, according to experts.
Of all deduction-related documents, taxpayers should maintain digital or physical copies. Section 80C investment proofs like ELSS, PPF, LIC and HRA rent receipts, Home loan interest certificates are included.
The absence of supporting evidence may lead to penalties or rejections, the new ITR forms ask for more detailed data.
The important TDS certificate issued by employers is Form 16. Without Form 16, filing accurate tax returns becomes difficult, especially if TDS and salary details are not tracked manually. It consists of two parts. Part A and Part B. If one changes jobs during the year, one will get separate Part A documents from each employer. If lost, one can request a duplicate copy from the employer.
Part A includes employer and employee details, PAN, TAN, and tax deduction summary. Part B shows salary breakup, deductions and exempt allowances.
