ITR Filing FY 23-24: Important Deadlines
The last date to file your income tax return (ITR) for FY23-24 is July 31, 2024. Salaried employees need to collect Form 16 from their employers to file their ITR. Missing the July 31 deadline means you can file a belated return by December 31, 2024, for the Assessment Year 2024-2025.
When filing your Income Tax Return, it’s essential to note that taxpayers have the option to choose a tax regime. Meeting the July 31 deadline indicates that you are also choosing the applicable tax regime for salaried individuals. According to recent regulations, if an individual fails to file their income tax return by the deadline, they will automatically be subject to the new tax regime.
Understanding Form 16
Individuals filing their ITR for the first time should know that to file their yearly ITR, salaried employees must have Form 16. Employers must issue Form 16 to their employees, which enlists the employee’s taxable income and deductions. Employers can obtain Form 16 Part A & B online through TRACES, a website managed by the Income Tax Department.
How to Download Form 16 from TRACES Website?
Here is a step-by-step guide on how to download Form 16 from the TRACES website:
- Visit the TRACES Website: Go to the official TRACES website TRACES.
- Log in or Register: Registered users must provide their PAN card number, User ID, and Password to access their account. First-time taxpayers must complete the registration process to create a new account.
- Navigate to Downloads: Visit the ‘Downloads’ tab and choose ‘Form 16.’
- Select Form and Financial Year: Choose the type of Form and enter the financial year for which Form 16 is required.
- Verify Details: Verify PAN and other details.
- Enter TDS Details: Enter the TDS receipt number and choose the date of the TDS.
- Submit Request: Add the total tax deducted and collected. Click the submit button to request the download.
- Download Form 16: Once the Form is ready, download the files under the ‘Downloads’ tab.
Also Read: How to Download GST Certificate Online?
How Can Salaried Employees Download Form 16?
Salaried employees can also download Form 16 from their company’s employee portal by following these steps:
- Log in to the Employee’s Portal: Access the employee’s portal with your login credentials.
- Navigate to the Tax Section: Find the tax section on the portal.
- Download Form 16: Download Form 16 from the provided link.
- Verify Details: Verify all details to ensure accuracy.
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