Section I: Income Tax and You

• Ques: Obtain Form 16 early for early filing and faster refund
• Ans: Key points:
  • Form 16 is a certificate issued by the employer at the end of the year and provided to the employee. This certificate provides details of your salary income and the TDS deducted from your income.
  • Form 16 is all you need to file ITR, in case you have reported all your income to the employer.
  • It is your right to obtain F16 from the employer within one month time after the end of the financial year.
  • Obtain your Form 16 early, so that you can file your return early. The earlier you file, the faster you will get refund.
  • Ensure that you have F16s from all the employers that you have worked for during the year.
  • Like Form 16, take your other TDS and income certificates (from banks, etc.) as early as possible so that you can report your income correctly.