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For salaried individuals, undertaking financial activities like investing money, building a robust financial portfolio, implementing tax planning, filing and paying taxes timely, etc., hold significant value. One such important financial task is filing income tax returns. However, the process of filing tax returns can be a tricky one, especially for taxpayers that do not belong to financial backgrounds and have little or no knowledge of the typical jargon and nuances of the form and its components.
When it comes to filing ITR, Form 16, a TDS certificate for salaried individuals, plays a significant role. To understand how to submit Form 16 online or how to file income tax returns online with Form 16, read this blog and make the filing process convenient for yourself.
For the following reasons, Form 16 is an important document:
The following are some of the advantages of Form 16:
The first step before you fill the form is to download it online. The following is the procedure for downloading Form 16 from the official website of the Income Tax Department:
When filling your ITR, different specifics are available on Form 16. These particulars include the following:
To file your income tax returns, some additional details from Form 16 are required. These are:
It is mandatory to file your income tax return,, even when your employer does not deduct income tax at source or fails to issue Form 16. Careful measures like getting Form 16 from all employers if you worked at multiple organizations in a financial year can prove to be highly beneficial. Be wise and file your tax return on time!