ITR Filing 2025: Big news for taxpayers! Pay attention to these 6 things related to Form 16, otherwise you will have to pay a fine

ITR Filing 2025: Before filing income tax return, check every detail of Form 16 carefully. Mismatch or mistake can lead to tax notice, penalty or delay in refund. Know what things salaried class taxpayers should consider before filing return.

ITR Filing 2025: The process of filing Income Tax Return (ITR) for the financial year 2024-25 has gained momentum. Salaried class taxpayers have also received Form 16 and the process of filing their returns is going on. This document is not only proof of income and TDS of the salaried taxpayer, but on the basis of this you also claim tax deduction and refund.

Tax experts believe that it is important to check Form 16 carefully before filing income tax return, so that any error or mismatch does not become the reason for tax notice or penalty. Let us know what is Form 16 and what things should be considered before filing the return.

What is Form 16 and why is it important?

Form 16 is a TDS certificate issued by your employer. It contains complete information about your yearly salary and the tax deducted on it. It is in two parts – Part A, which contains the details of TDS and Part B, which gives the salary breakup and information about deductions. Returns are filed on the basis of these.

Must check these 6 things related to Form 16

1. Match PAN, salary and TDS information (Part A):

Confirm whether your name, PAN number, total salary and tax deducted are entered correctly. Also, the employer’s TAN (Tax Deduction and Collection Account Number) should also be correct.

2. Check salary structure and deductions (Part B):

What allowances have you received (like HRA, travel allowance) and deductions have been made under which sections (like 80C, 80CCD). This matching is important because this is where your tax liability is decided.

3. Review total tax liability:

Look carefully at what your final tax liability is after deductions. Pay special attention to whether any tax exemption has been missed. In case of this, your tax liability may increase.

4. Compare with Form 26AS:

Download Form 26AS from the income tax portal and match Form 16 with the TDS recorded in it. If there is a mismatch between the two, there may be a problem like refund or tax difference. This can also become the reason for a tax notice later.

5. Contact the employer immediately if there is any mistake:

If any information in Form 16 is wrong, ask the employer for immediate correction. They will have to file a new TDS return for correction. If this is not done, the tax department can also impose a penalty later.

6. Do not rush to fill ITR:

Fill ITR only after verifying all the information. A return filed on the basis of correct data not only calculates the tax accurately but also processes the refund quickly.

The post ITR Filing 2025: Big news for taxpayers! Pay attention to these 6 things related to Form 16, otherwise you will have to pay a fine first appeared on informalnewz.

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