Form-16: The season of filing income tax returns for financial year 2024-25 has started. The last date for filing returns was 31 July, but now the deadline has been increased to 15 September 2025. Form-16 will also be received by the salary employees by June 15 to fill the returns. However, it will see some major changes this year.

This change will be seen in Form-16

Form-16 is a very important document, which contains complete information about your salary and your tax paid. This makes ITR filing easily easily and the possibility of mistakes is also less. This time, in the new format of Form-16, the details of TDS (Tax Deed at Source) and TCS (Tax Collecting at Source) charged on income on income from second source and some special expenses. However, this will happen only when you have submitted Form 12BBA with your employer.

What is Form 12BBA?

In October last year, the Central Board of Direct Taxes (CBDT) issued Form 12BBA. In this, tax reports are made on the purchase of fixed deposits, dividends on equity share, insurance commission, car or foreign currency. The employer will then cut TDS from salary on this basis. Although Form 12BBA was earlier also, but earlier it was allowed to give information about investments made to save tax like LIC, HRA or Home Loan, etc.

From October 1, 2024, the law came into force to tell the employer about TDS and TCS cut from other sources of income or TCS cut during any major expenses. This will adjust the TDS and TCS in lieu of total tax deduct from the salary of Employee and will deduct less TDS than before.

There will be so much discount under standard deduction

Apart from this, this year, the government has raised the exemption under Standard deduction under the new Income Tax Regime during the budget to Rs 50,000 to Rs 75,000. In such a situation, if you have also chosen a new tax regime, then Form-16 will get a discount of Rs 75,000 under TDS deduction.

Under Section 80 CCD (2) in the new tax regime, employees can claim a cut of their original salary up to 14 percent. This deduction can be claimed at the employee’s contribution in the employee’s National Pension System (NPS) account.

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Income tax return: The work of filing income tax returns (ITR) has started. Now you can file their returns online by filling ITR-1 and ITR-4 form through e-filing portal for taxpayers assessment year 2025-26. However, people getting salary will be able to file their returns only after getting Form-16 from the company. If you too are thinking of submitting your return as soon as possible, then it is important to know which form you have to fill.

ITR-1

ITR-1 is also called a spontaneous form, which is not for everyone. If your annual income is less than Rs 50 lakh. Also, the source of earning is mainly salary, pension, rent from any one house, interest on money deposited in the bank and income from up to Rs 5,000, then you can fill the ITR-1 form. Those earning long term capital gains of up to 1.25 lakhs will also be able to fill this form. Capital gains mean earnings from the sale of stock market, mutual funds or any digital assets.

Apart from this, long -term capital gains will not be able to fill this form. Those who have their own business, the owners of more than one home, will not be able to fill this form from winning the lottery or cavalry. Those who have earned more than 5000 rupees from farming, earning from abroad or if someone has shares of unlisted company, they will also not be able to fill -1.

ITR-2

If you do a job or are pensioners, but there are many sources of your income such as a business, earning profit from the share, earning from abroad or is getting fare from more than one assets or a doctor is a profession like a doctor, then they have to pay ITR-2.

ITR-4

ITR-4 is also known as smooth form. This form is for Hindu undivided families, small business running or partnership in partnership. Apart from this, freelancing, consultancy, medicine or retail businesses can also fill this form. However, the annual income for this should be up to Rs 50 lakh. In this form, you can also give information about salary, pension, earnings from interest, family pension and income from farming. If you have opted for a proclamation tax on business earnings under Section 44AD, 44ADA and 44AE of the Income Tax Act, then this form is right for you.

If you are NRI or are the director of a company or earning from more than one property, then you will not be able to fill this form. If you have unlisted shares, tax payments on ESOP are postponed, even if you are earning from sources like lottery or horse racing, you will not be able to fill this form.
ITR-1 and ITR-4 are just a difference of earnings. Those who earn from salary and pension will be able to fill the comfortable. At the same time, businesses or freelance can fill the easy.

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Form 16: In India, salaried employees may find it difficult to file income tax returns (ITR) many times, but Form 16 makes this process very easy. In this form issued by your employer, how much your salary is and how much tax has been deducted on it, there is complete information about it. This not only makes it easier to file returns, but also helps in claiming refund and compliance with tax related rules.

What is Form 16?

There is a certificate issued by Form 16 Employer, which shows how much you have earned from salary in a financial year and how much tax (TDS) has been deducted from it. This is usually given once a year, after March.

Why is Form 16 necessary?

• Form 16 contains complete information about your total income and tax paid to the government. It proves to be helpful in filing income tax returns (ITR) as it works as an official proof in a way.
• With the help of Form 16, it becomes easy to file income tax returns. Form 16 occurs in two parts. The first part A contains details related to tax deduction and deposits on a quarter with complete information of employees and employees. Part B contains complete information about the salary of the employee. Apart from this, there is also information about cuts under section 80C and 80CD. Since all the information is available in one place, you do not need to investigate many documents while filing tax returns. This also saves time and the possibility of mistakes also ends.
• This also helps you in getting tax refund. If more tax is deducted than your salary, then you can claim refund while filing ITR. Form 16 is easy to understand whether you are eligible for refund or not.
• It is needed while applying for a loan or visa. Banks and foreign embassies often ask for Form 16 as proof of income and tax payment. This makes your financial credibility strong.
• This also helps in cross verification. The Income Tax Department crosses the data in your ITR in Form 16 with the information given by the employer in Form 16. If both data matches, then the possibility of later notice or any other problem is less.

Form 16 is not just a piece of paper, rather it is an essential platform for stress free tax filing. Always collect it from your employer on time and keep a digital copy of it safe.

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