How To File ITR Using Form 16: Step-by-Step Guide To Ensure Error Free Last-Minute Income Tax Returns Filing

Come July, one word becomes constantly used and overused anywhere we turn - ITR or Income Tax Return. This is a form that tax-paying citizens file to inform the Income Tax Department. As the name suggests, return filing helps people to declare the tax they have paid on their incomes throughout the year and people choose from different types of ITR forms that you choose from. Different ITR forms are prescribed for different categories of taxpayers (individual, HUF, company, LLP, Partnership firms, etc). As we inch closer towards the ITR Filing deadline, here’s everything you need to know about the process, how to file ITR using Form 16 and more.

What is Form 16?

Filing taxes can be an extremely confusing process that can often leave people perplexed. Form 16 is a TDS certificate that is provided by employers when they deduct taxes. Every year, employers require their employees to declare proposed investments for the financial year. Based on this, employers deduct taxes or TDS on salaries. When an employer deducts TDS on salaries, the Income Tax Act requires that a certificate be issued by the employer, where the details of tax deducted and deposited are certified. Form 16 summarizes this process and gives an easy-to-read overview of the amount of taxes you have paid, against the tax-saving investments you have made. Income Tax Return Filing: How To Download Form 26AS From Income Tax Website To File ITR.

How to File IT Return Using Form 16

There are various ways that you can file for IT in the current day and age. While the most popular way is to take help from an online tax guidance website, one can also directly visit the Income Tax e-filing portal to complete this process with ease and speed. The first step to filing ITR us to collect your Form 16 from your employer. There are two parts to a form 16 - Part 1 -which provides the TDS deductions made by the company and Form 16B - which offers a complete breakdown of salaries and deductions. ITR Filing: Record 6.77 Crore Income Tax Returns for Assessment Year 2023-24 Filed Till July 31, Says Income Tax Department.

Steps to File ITR for FY 2023-24

1. Ensure all your documents and proofs are in place and reflecting in your Form 16
2. Log in to the Income Tax Portal or create an account.
3. Go to the e-File section and choose Income Tax Return and begin yor process.
4. Upload your signed and digitally verified Form 16 A and Form 16B using ITR 1 or ITR 2.
5. Fill any additional personal details that may have been missed
6. Validate the information and click submit.
7. Once the ITR is submitted, you e-verify the submission using Aadhaar OTP and other options.

We hope that this helps you to make ITR Filing easier and a smooth sail for one and all.

(The above story first appeared on LatestLY on Jul 17, 2024 12:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).