Digital Form 16: Now there will be no problem in filing ITR, work will be done in a few minutes with Digital Form 16

Digital Form 16 is generated directly from the TRACES portal. It is an electronic version of the traditional Form 16. TRACES is an income tax portal, which makes it very reliable. This means that the data of salary income, TDS and deductions in digital Form 16 will be completely correct and reliable

Digital Form 16: There is good news for the employed people. Now they will not face any problem in filing income tax returns. Digital form will make their work very easy. Actually, Form 16 is necessary for the employed people to file returns. It contains information like salary income, TDS and deductions of the employee. Now employers are going to issue digital Form 16 to their employees. Let us know about this in detail.

Generated directly from TRACES

Digital Form 16 is generated directly from TRACES portal. This is the electronic version of traditional Form 16. TRACES is the portal of Income Tax, due to which it is very reliable. This means that the data of salary income, TDS and deductions in Digital Form 16 will be completely correct and reliable. The data included in the traditional Form 16 had to be matched with Form 26 AS and AIS.

Data will be filled in the form as soon as you upload it

Now working people can easily file ITR. They have to go to the return filing website of the Income Tax Department. Then, they have to choose the right ITR form for themselves. As soon as you upload the digital form 16, all the information will automatically appear in the ITR form. These will include information like salary income, TDS and deductions.

There will be no mistake in the calculation of tax

Tax calculation will also be done easily with digital form 16. This will save a lot of time spent in return filing. The processing of returns will also be quick. This will also not take much time for the refund to come. The last date for filing income tax returns is usually 31 July. Sometimes this date is extended if needed. During Covid, it had extended the deadline for filing returns. Penalty and interest on tax are charged for filing returns after this date.

Completely safe as it is password protected

There is no fear of misuse of digital Form 16. This is because it is password protected. A standard format is used for its password. This keeps your financial data safe. Another advantage is that its use is also beneficial from the environmental point of view. Since the document is digital, there is no need to print it. This reduces the use of paper.

The post Digital Form 16: Now there will be no problem in filing ITR, work will be done in a few minutes with Digital Form 16 first appeared on informalnewz.

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