Income Tax Return (ITR) filing FY 2024-25: Filing ITR can be a daunting task for many. Salaried t…

Income Tax Return (ITR) filing FY 2024-25: Filing ITR can be a daunting task for many. Salaried taxpayers are often confused about the documents they need when e-filing their ITR. One such important document is Form 16.One of the most crucial documents for income tax returns, Form 16 is usually issued by the employer. We take a look at the importance of Form 16 for ITR filing purposes: What is Form 16? Explained Commonly, Form 16 is a certificate issued by the employer to employees for the tax deducted at source (TDS) on salary paid to them during the relevant financial year. “It is issued by the employer annually after the end of the financial year, on or before 15th June of the following financial year,” says Surabhi Marwah, Tax Partner, EY India. It may also be issued by specified banks to senior citizens above 75 years of age with respect to TDS on pension and interest income earned from the same bank.Form 16 comprises of two parts – Part A and Part B: • Part A contains details such as – name and address of the employer and employee, Permanent Account Number (PAN) of the employer and employee, Tax Deduction and Collection Account Number (TAN) of the employer, year/ period for which it is issued, summary of salary paid and taxes deducted at source thereon etc. • Part B contains details of income earned – salary/ pension, other income (like house property and interest), exemptions from salary, standard deduction, deductions under Chapter VI-A, the tax payable etc.