ITR submitting FY 2024-25: The final date to file your Earnings Tax Return (ITR) for AY 2025-26 is approaching. This 12 months the Earnings Tax Division has prolonged the ITR submitting deadline to September 15, 2025. Earlier than you sit all the way down to file your ITR, salaried taxpayers ought to have their Type 16 helpful. The Type 16 has particulars of annual taxable wage earnings together with the private incomes (if declared individually by you to your employer) and taxes deducted on all such incomes. It consists of two components:
- Half A discloses the wage paid/credited and corresponding taxes deducted and deposited.
- Half B reveals the breakup of stated wage paid/credited into allowances, perquisites, exemptions, deductions, rebates and taxes thereon.
The Type 16 is generated on-line by way of TRACES (TDS Reconciliation Evaluation and Correction Enabling System) portal, foundation the processing of quarterly withholding tax returns filed (Type 24Q) by the employer.Additionally Learn | ITR submitting FY 2024-25: New versus previous earnings tax regime – what helps you save extra tax? Examine calculations earlier than submitting return
Find out how to obtain Type 16 from TRACES web site?
Chander Talreja, Companion, Vialto Companions explains the easy steps to be adopted to obtain Type 16:Step 1: Log in to the TRACES web site at https://www.tdscpc.gov.in/. with the registered Consumer ID, Password and TANStep 2: Within the ‘Downloads’ tab, choose ‘Type 16’ the place you’ll have choice to obtain for one PAN or Bulk PAN for the monetary 12 monthsStep 3: Validate the Approved individual particulars and enter the provisional receipt quantity/token quantity as showing within the acknowledgement of the TDS return filed for Quarter 4 together with the Challan particulars, PAN particulars and complete tax deducted for 3 distinctive workersStep 4: As soon as the obtain request is submitted, The Type 16 might be accessible inside 24-48 hours. Step 5: The file is downloadable in .txt format which must be transformed right into a pdf file by way of the TRACES pdf converter utility and signed digitally/manually by the approved signatoryAdditionally Learn | ITR submitting FY 2024-25: Why submitting Earnings Tax Return is vital even when you’ve got no tax to pay – defined
Type 16 for ITR submitting: Factors to recollect
- It’s obligatory for all of the employers to situation a Type 16, on or earlier than June 15 following the top of the monetary 12 months. Else, a penalty of Rs 500/- per day might be levied, says Chander Talreja.
- In case of any perquisites offered, an extra kind 12BA in prescribed format (detailing the breakup of every perquisite) is manually required to be issued by the employer together with the downloaded Type 16.
- The Earnings Tax Return kind seeks detailed info of wage elements, exemption availed and so on. and mechanically pre-populates the wage earnings. It’s crucial that workers present all of the requested particulars based mostly on the breakup offered partially B of kind 16 and punctiliously examine the pre-populated particulars.
- The place an worker works with 2 or extra employers throughout the monetary 12 months, particulars of separate Type 16s issued by every employer might be required to be included within the ITR.
- The Type 16 serves as a proof of earnings and is requested for securing loans and so on. One ought to match the Type 16 with the main points showing within the Type 26AS/Annual info assertion and get particulars corrected, in case of any discrepancy, says Chander Talreja.