Form 16 Due Date: By what date does Form 16 come? Know what are the rules of Income Tax.

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The last date for filing an Income Tax Return (ITR) is fast approaching. All employed people must file Income Tax Returns by 31st July. However, for this, you will first need Form-16, which will be issued to you by your company. A big question here is, when will you get Form-16?

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What is the rule for issuing Form-16?
These days, employees in different companies have started getting Form-16. According to the rules of the Income Tax Act, Form-16 has to be issued within 15 days after filing the TDS return by the deductor. Here, let us tell you that the last date for filing TDS for the deductor was 31st May. In this way, Form-16 will be given to the employees by all the companies between 1st June to 15th June. If even after this you do not get Form-16, then you must talk to your HR about this.

What is Form-16?
Form-16 shows how much tax has been imposed on you and which deductions you have got. It contains information about the salary you received, the tax imposed on it, the source of your income, and all kinds of deductions. The good thing is that now all the information on Form-16 is already filled in the ITR form, you just have to check it and e-verify it after filing the ITR. This means you can file your ITR in hardly 2-3 minutes.

Form 16 has two parts
Form-16 has two parts. One of these is Part A (Form 16 Part A) and the other is Part B (Form 16 Part B). Part A contains the company's TAN, company's PAN, employee's PAN, address, assessment year, and period of employment. Apart from this, details of TDS deposited to the government are also given in it.

Part B is very important
If we talk about Part B of Form-16, then it contains information about tax including salary breakup. It tells what is your gross salary, what is your net salary, how much house rent allowance you have received, and how much money has gone into your PF account. Also, you get to know how much professional tax has been imposed on your salary and what deductions you have under different sections. It also contains information about your investments, what have you invested in medical, how much money have you invested in your savings plan and what other tax exemptions have you.

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Match Form-16 with Form-26AS
Form 26AS is a consolidated tax statement. It contains details of tax deductions from different sources of income of the taxpayer. Form 26AS can be downloaded from the e-filing account on the Income Tax website. Before filing the return, you must match the income given in your Form 26AS and Form 16.

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