The deadline for filing income tax returns is going to end on July 31. Before this, companies have started sending Form 16 to their employees. However, even now many companies have not sent Form 16 to the employees. This form is an important document for those employed people who are preparing to file their income tax return.
This form is issued annually by the companies. It includes details like tax deducted at source (TDS) and tax collected at source (TCS). As per rules, Form 16 must be issued by companies every year on or before 15th June following the financial year in which TDS is deducted.
Document is necessary
This document simplifies the tax submission process by providing comprehensive information, thereby streamlining compliance efforts for employees. However, taxpayers can proceed to file ITR by obtaining alternative documents such as investment proof, salary slip, or details from Annual Information Statement (AIS) and Form 26AS. Traditionally, the deadline for filing ITR is July 31 every year. However, this deadline has often been extended. Filing ITR not only fulfills legal obligations but also enables individuals to claim refunds for excess taxes deducted during the financial year.
Why is there a delay?
Delay in issuing Form 16 can often be due to administrative challenges faced by employers or companies. Especially in larger organizations that deal with large amounts of Form 16 preparations. Salaried taxpayers should maintain contact with their employers to facilitate timely and accurate ITR filing. Apart from this, necessary documents should be collected and professional advice should be taken if necessary.
