ITR Form 16: If you are a salaried person and are preparing to file ITR on last year’s income, then you must have an important document. That important document is Form 16. This is the same form which your company gives you and which contains complete information about your annual salary and the tax deducted on it.
ITR Form 16: The new financial year has started from April 1. Along with this, the season of filing Income Tax Return (ITR) has also started. The central government has released ITR forms (ITR-1 to ITR-7) for the assessment year 2025-26. Now lakhs of salaried taxpayers are waiting to get Form 16 soon for e-filing.
If you are a salaried person and are preparing to file ITR on last year’s income, then you must have an important document. That important document is Form 16. This is the same form that your company gives you and which contains complete information about your yearly salary and the tax deducted on it.
What is Form 16?
- Form 16 is divided into two parts – Part A and Part B.
- Part A contains your name, address, PAN, your company’s TAN number and how much tax was deducted every quarter and deposited to the government.
- Part B contains information about your entire year’s salary, tax-free allowances (such as HRA, travel), and investments made under tax exemptions like section 80C, 80D, such as PPF, LIC, medical insurance etc.
What has changed in Form 16 this year?
The government has made Form 16 more clear and useful. Now this form will tell which part of your salary is tax-free, which allowances are not taxed and on which tax is deducted. The advantage of this will be that when you fill ITR, it will be easy for you to understand your income and tax details. This will reduce the chances of errors and make return filing faster and easier.
When will Form 16 be available?
According to Income Tax Rule 31(3), companies have to give Form 16 to their employees by June 15 every year. That is, this year also you should get this form by June 15, 2025. Although Form 16 is not necessary for filing ITR, it gives information about your income, tax deducted and exemptions in one place, which makes filing ITR easier. Most employed people file ITR only when they get Form 16. But keep all the documents required to file the return ready in advance and do not wait for the last date.
